In the shadow of Spanish government getting ready to impose direct rule, the Catalan regional parliament has voted 70 – 10 to declare its independence from Spain.
With threats coming from Spanish Prime Minister Mariano Rajoy saying that direct rule was essential to establish “law, democracy and stability” in the region, the Catalan Parliament has appeared to finally take some form of action.
The eyes will now be on Spain’s Senate, who are set to vote on enacting article 155 of the Spanish constitution which will give the government in Madrid all powers to take control of the Catalan region.
Market reaction has been fairly muted at current with the EUR/USD still under pressure from yesterday’s ECB press conference and the better than expected US GDP. At the time of writing it is currently trading at 1.1615