The Catalonia crisis is accelerating, with Madrid’s crackdown increasing support for independence even among those previously not so disposed. This does not look like it will end well.
As Yves discussed earlier this week, Catalonia could exercise the nuclear option of defaulting on its debt– which would have serious consequences for itself and for the government in Madrid. Although this still looks to be a remote possibility, Madrid’s latest aggressive measures have made no headway in defusing that potential bomb.
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