Update (10:30 am ET): The number of people injured in clashes between pro-independence voters and riot police dispatched to the restive region by the government in Madrid has climbed to 337, including at least 11 police officers, the Daily Star reports.
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As we have detailed previously, the Spanish region of Catalonia in the North-Eastern corner of Spain will attempt to hold an independence referendum tomorrow, against the will of the central government in Madrid.
Apart from the Baleares and the Madrid region itself, Catalonia together with its capital Barcelona is one of the most economically-powerful parts of the country.
Live Feed:
http://www.rt.com/on-air/405139-demo-against-catalan-referendum/embed
The Spanish ambassador to UK, Carlos Bastarreche, has warned Catalan government’s move will have ‘serious implications’ for European stability...
Europe is watching “a slow-motion, low-cost coup d’etat” by the Catalan government.
“If the Catalan government succeed it will be a drama for Europe, starting with the UK, because it will mean that a region can disobey the rule of law.”
Following yesterday's German election, which despite Merkel's 4th victory was a rout for the establishment "grand coalition" parties of CDU/CSU and SPD which saw its worst election performance since the 1940s offset by a surge in the ascendant right-wing AfD, there have been numerous analyst reactions to the "sudden reemergence" of populism in Europe, but one we find perhaps the most insightful and useful, comes from Bloomberg macro commentator Mark Cudmore, who writes this morning that for all the concerns, it's not so much Germany as what is about to happen in European peer Spain, where C
Authored by Mike Shedlock via MishTalk.com,
The ECB claims that Target2 does not represent capital flight. Evidence says the ECB is wrong, especially for Italy and Spain.
I have discussed this previously, but let’s recap Target2 before taking a look at new charts.
Project Syndicate writer, Hans-Werner Sinn, explains why the ECB’s asset purchases and Target2 imbalances constitute “Europe’s Secret Bailout”.