This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Independence Drive Falters For Spain's Catalonia

Catalonia is responsible for around a fifth of Spain's economic output and many residents complain that the central government in Madrid takes in more tax money from the region than it gives back. But now Catalonia is the most indebted region in Spain and has had to seek a ⿬5.4 billion bailout from Madrid.

The central Spanish government, which fiercely opposes the idea of an independence referendum, was quick to praise the vote.

Foreign Minister Jose Manuel Garcia-Margallo called the outcome "a good result for Catalonia, Spain and Europe, though not for Convergence and Union."

Deputy Prime Minister Soraya Saenz de Santamaria described the election as "a serious blow for Mas" but one that "put the priorities in order."

"Voters want governments focusing on the crisis and creating jobs," she added.

In all, the ruling party in Catalonia lost 12 seats, going down to 50 in the 135-seat regional legislature, with the Republican Left coming in second with 21. Five other parties split the remainder, with most of those seats going to parties opposed to independence.

Republican Left leader Oriol Junqueras said voters had issued a "mandate to hold a referendum," but he ruled out forming a coalition with Convergence and Union.

Junqueras said his party would continue to demand that Mas' government change its austerity policies, calling for lower taxes for most and for banks and the rich to shoulder more costs. But he didn't rule out working with Mas on specific issues.

Jordi Matas, a political science professor at the University of Barcelona, said Mas might try to seek a limited deal with the Republican Left only on the referendum and other issues that falls short of a coalition.

While pro-referendum parties won a majority in the vote, Matas said the result of a hypothetical referendum is too hard to predict.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs