Europe facing WORST CRISIS than Brexit: Catalonia will PLUNGE Spain into MASS UNCERTAINTY

Tuesday, October 3, 2017
By Paul Martin

EUROPE would be plunged into complete chaos if Catalonia wins independence from Spain, economic experts have warned.

Tue, Oct 3, 2017

A so-called ‘Catalexit’ would at the same time mean the region’s exclusion from the European Union (EU), which economists predict will create unavoidable problems over its membership of the single market.

Tensions reached boiling point this week when Brussels failed to condemn Spain over its heavy-handed tactics and brutality during Sunday’s independence referendum, which was ruled illegal by Spanish courts.

Instead eurocrats repeatedly refused to comment and voiced their support for embattled Prime Minister Mariano Rajoy.

Reluctance to address the ongoing crisis could point to the possibility EU leaders want to avoid Catalonia leaving Spain over fears the continent will be plunged into “uncertainty”.

ING economist Geoffrey Minne said: “As with Brexit, we believe that a Catalexit will plunge the region into a long period of uncertainty and will most likely be negative for the private sector.

“Most foreign and Catalan companies are afraid of no longer being part of the European single market.

“One consequence of this would be that investments could be delayed or shifted from the region.

“The EU was responsible for 65 per cent of exports and 70 per cent of the foreign investment in Catalonia in the last three years.

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