Article publicat al bloc del Col.lectiu Emma
We want to recommend Professor Xavier Sala-i-Martin’s article “The Catalan Bailout“.
Some excerpts:
As most major Spanish companies that lost access to international private capital markets, Catalunya has lost access to bank credit. Hence, it has no other choice but to borrow from the state rescue fund created for such occasions.
(…) despite the undeniable mismanagement by the Catalan Government during the boom years, the truth is that the incompetence and disloyalty of the central government, the faulty system of funding regional governments and the international spectacle of disrepute on the part of key Spanish institutions made the need for a Catalan bailout all but guaranteed.
Many Spanish pundits say that the bailout demonstrates the failure of the growing Catalan indepedentist movement. I disagree. I’d say that the bailout is a win for independentists as it shows that Catalunya within the current Spain is unfeasible. And so is Spain.
