Since 2008, Spain has been one of the poster children for Europe’s financial crisis as it grapples with a massive debt, an unemployment rate hovering around 26 percent, a downgrading from financial services across the globe and now a strong separatist movement from the country’s influential Catalonia region.
Angered over what many in the region say are policies implemented by the Spanish government that cripple Catalan autonomy and put them at a disadvantage thanks to heavy tax policies, separatist politician Arturo Mas and others in favor of independence have staged huge protests in the Catalan capital of Barcelona and are now plan a November referendum to vote on succeeding from Spain.
Despite speculation by many economists and financial service groups that an independent Catalonia is not going happen, the movement has caused worry not only within the borders of Spain but throughout the European Union with countries like Germany and France concerned about these new regions wanting to join the international body and what the economic repercussions.
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