Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Bye-EU Tapestry is not to all tastes

Read more

THE POLITICAL BRIEF

Maverick Mélenchon: French far-left launches its own web TV

Read more

FOCUS

Rise of sandstorms plagues Middle East

Read more

PEOPLE & PROFIT

Superjumbo travel: Discussing the future of the A380

Read more

ACCESS ASIA

Fighting unemployment: Millions of Indians face layoffs amid shrinking job market

Read more

FRENCH CONNECTIONS

Deneuve vs. #MeToo: Exploring feminism 'à la française'

Read more

ENCORE!

Meryl Streep on gender equality: 'Something has cracked wide open'

Read more

INSIDE THE AMERICAS

Trump's presidency, one year in: 365 days of outrageous tweets and blunders

Read more

MIDDLE EAST MATTERS

War in Syria: UN refugee agency denounces rape of men and boys

Read more

Europe

Catalan crisis has cost 'a billion euros' declares Spanish economy minister

Raigo Pajula, AFP | Spain's minister of Economy, Industry and Competitiveness, Luis de Guindos, at a meeting of the Eurozone economic and financial affairs ministers (ECOFIN) in Tallinn, Estonia, on September 16, 2017.

Text by NEWS WIRES

Latest update : 2018-01-02

Spain’s economy minister claimed Monday that the Catalan independence crisis had cost the country “a billion” euros as fallout from the turmoil continued to hamper growth in the wealthy region.

Luis de Guindos said slowdown in growth in Catalonia, which accounts to around a fifth of Spanish GDP, was hampering the eurozone’s fourth largest economy as a whole.

“Catalonia used to have growth above that of Spain, it was one of the drivers of the Spanish economy,” he told Spanish radio.

“However, in the fourth quarter, it’s become a burden.”

De Guindos estimated the crisis could “easily have cost a billion euros”.

Banned referendum

Spain was plunged into its deepest political crisis in decades when separatists in Catalonia’s regional government declared independence in October following a banned referendum on the topic.

Led by Prime Minister Mariano Rajoy, Madrid invoked powers provided for by Spain’s constitution to suspend the region’s cherished autonomy, sack its government and parliament, and call fresh regional elections in a bid to head off the secession drive.

But separatist parties won the most seats in the December 21 vote, and with the Catalan issue likely to drag on well into 2018 there are fears the crisis could hamper Spain’s recovery from the 2007-2008 financial crisis.

More than 3,100 companies have already moved their legal headquarters from Catalonia, including major banks and retail firms.

De Guindos blamed “enormous uncertainty, concern and a loss of confidence generated by the previous (Catalan) government”.

(AFP)

Date created : 2018-01-02

  • SPAIN - CATALONIA

    Catalonia election: Separatists set to regain parliamentary majority

    Read more

  • SPAIN

    Pro- and anti-independence candidates vie for Catalonia's leadership

    Read more

  • SPAIN

    Spain drops international arrest warrant for Catalonia ex-leader Puigdemont

    Read more

COMMENT(S)