Anyone independently minded in Catalonia has been warned that the area will be automatically kicked out of the eurozone if voters choose independence for the region.
Catalonia goes to the polls on Sunday, much against the wishes of Madrid. The election is not about independence per se, but has been framed as such.
The head of Spain’s central bank, Luis Maria Linde, has said a vote to leave Spain would result in the collapse of Catalonia’s banking system.
Banks would no longer have access to credit from the European Central Bank and there would be no link to the eurozone.
He said the “exit from the euro is automatic”, while “exit from the EU is implied”.
Latest polls indicate that the separatist parties could gain a narrow win on 27 September. Nationalist leaders have promised to declare independence within 18 months if they win the vote.
An EU vice-president confirmed that any independent region would no longer be subject to EU treaties, but could re-apply for membership. Spain would surely block any such application from Catalonia.
The deep economic crisis has pushing the independence drive higher on the agenda. Catalans resent how much of their tax payments go to the rest of the country.
