• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
catalonia

Hostage to Catalonia? No Way, Says the EU

By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
October 2, 2017, 1:45 PM ET
Add Fortune on Google for similar content.

The would-be secessionists in the Spanish region of Catalonia are about to get a reality check.

Carles Puigdemont, the region’s prime minister, wants international mediation to help deliver his promise of an independent Catalan state. He senses that his negotiating hand with the central government in Madrid will be strengthened by the international moral outrage at viral video images and TV coverage of Spanish government police beating up his supporters as they tried to take part in Sunday’s unsanctioned referendum.

Trouble is, neither the EU Commission, nor the EU’s member states, nor the international businesses that have been happy to make their Spanish home in and around Barcelona, have any intention of playing his game.

In a statement Monday, the EU Commission warned that Sunday’s vote was an internal matter for Spain, and that it “was not legal” under the Spanish constitution. Even if a legal referendum succeeded, it added, secession from the Kingdom of Spain would entail leaving the European Union. And, for the avoidance of any doubt, it added: “We trust the leadership of Prime Minister Mariano Rajoy to manage this difficult process in full respect of the Spanish Constitution and of the fundamental rights of citizens enshrined therein.”

It avoided mentioning Puigdemont or the Catalan government at all. Nor was there any support from French President Emmanuel Macron (who expressed his support for Spain’s constitutional unity in a phone call to Rajoy) or German Chancellor Angela Merkel or Italian PM Paolo Gentiloni, both of whom were deafeningly silent.

There was no succor from business either. Labor unions at Volkswagen unit SEAT, the biggest private-sector employer in the region, said they wouldn’t join in the strike that two regional labor organizations had called for Tuesday. Noises coming out of other businesses also suggested that the call to action will be honored more in the breach than in the observance.

None of this should be really surprising: the vote was indeed illegal, and only supporters of independence came out to take part. Only 2.26 million out of the 5.3 million electorate turned out to vote (though the Catalan government claims that some votes were taken when police confiscated ballot boxes). As Holger Schmieding of Berlin-based Berenberg Bank argues, that’s in line with opinion polls from earlier this year indicating a steady degree of support for full-blown independence of around 40%. Moreover, as the website EUObserver points out, there was no electoral roll and no electoral commission.

And in truth, the forces of the status quo haven’t even reached for their most powerful weapon yet. The other, still unspoken but stark reality of independence is that banks in Catalonia would immediately lose their right to funding from the European Central Bank. No more ECB funding means no more euros in the ATMs on Las Ramblas, and a rather uncomfortable call with Mario Draghi asking for Catalonia’s share of nearly 400 billion euros that Spain’s banking system currently refinances through Frankfurt. Shares in Catalonia-based banks Banco Sabadell (BNDSY) and Caixabank both fell by more than 4% on the day in Madrid.

In short, it’s a one-sided contest that can only end one way. All that any further macho posturing from the two sides can influence is the degree of bitterness with which Catalonia and the rest of Spain manage their business in future.

 

About the Author
By Geoffrey Smith
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in International

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
20 hours ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Newsletters
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
By Diane BradyJuly 1, 2026
18 hours ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
14 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.