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He has, instead, been temporizing, hoping to get his ducks of

by / Tuesday, 12 August 2014 / Published in Fotografi

Catalonia shows euro’s weak links

canada goose outlet store (James Saft is a Reuters columnist. The opinions expressed are his own) canada goose outlet store

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canada goose outlet online Sept 26 (Reuters) Just when Spain, and the euro zone, needed it least, along comes the Canada Goose Online Catalan secession drama to remind us exactly how many parties, peoples and factions have the potential to undermine the single currency salvation. canada goose canada goose outlet online

canada goose outlet uk sale Not that Catalonia is likely to leave Spain any time soon for one thing the country has no constitutional exit clause but the discussion itself has already unsettled markets and is complicating Spain potential negotiations for a bailout. canada goose outlet uk sale

canada goose outlet shop And if you find this canada goose clearance sale one unsettling, just wait; even with newly strong uk canada goose support from the European Central Bank, the euro zone has, at best, a long and painful journey ahead to integration. Catalans favoring Canada Goose Outlet independence won be the last group to Canada Goose sale want to radically shift the debate over who pays what to whom. canada goose clearance canada goose outlet shop

canada goose outlet new york city Artur Mas, conservative president of Catalonia, on Tuesday called canada goose store elections for November after Spanish Prime Minister Mariano uk canada goose outlet Rajoy rejected his call for more control over tax affairs. His CiU party is likely to win an outright majority in the canada goose coats regional parliament in the election, which he is casting as a vote over independence, a concept rejected by central government. If not, we should do it anyway, Mas told the regional parliament Wednesday. is about Catalonia being able to exercise its right to self determination. canada goose outlet new york city

canada goose outlet store uk Financial markets caught fright on the news, matters not being helped by it coinciding with violent anti austerity protests in Madrid on Wednesday. Spanish shares fell sharply, the euro itself sagged and Spanish debt widened considerably against German bonds, indicating disquiet over Spain ability to tread canadian goose jacket what is proving canada goose factory sale to canada goose uk black friday be a very delicate path to a bailout. canada goose outlet store uk

canada goose outlet canada Catalonia, heavily industrialized and wealthy, pays in far more in taxes to central government than it receives in spending. It is also in desperate need canada goose outlet of funds to meet upcoming bond obligations, and is in the process of negotiating a five billion euros bailout from a recently set up central Canada Goose Parka fund. Recent polls show independence from Spain is favored by more than half of all Catalans, who resent the flow of tax dollars out of the region. It accounts for about a fifth of all Spanish economic output, and as a standalone country would be roughly the size of Austria. canada goose outlet canada

canada goose jacket outlet All of this is highly unlikely to end with a new state, either inside or outside of the euro zone. There is at present no constitutional mechanism for separation and the EU itself appears to recoil in horror at the idea. Even if viewed simply as negotiations over how thinly the butter is spread on whose bread, the ructions could easily prove very expensive. canada goose jacket outlet

canada goose outlet parka HARD TO ASK FOR HELP Coming now, after the ECB spread a safety net under the euro with its recent pledge to directly support sovereign bonds, the fallout has been limited. Had something like https://www.canadagooseisverige.com this happened at tenser times earlier this year or last, we could easily have seen canada goose uk outlet the kind of sovereign and bank debt run which would prove extremely difficult to control and contain. canada goose outlet parka

canada goose outlet nyc Rajoy has been publicly resisting calls, from financiers at home and from his European partners, for him to move ahead and request a bailout. He has, instead, been temporizing, hoping to get his ducks of reform and austerity more or less lined up at home first, rather than appearing to bend to external wills. He also may be hoping that Italy asks for help too, which might allow him to win comparatively better terms. canada goose outlet nyc

canada goose outlet online uk The Catalan vote makes this task harder in at least two respects, each of which canada goose coats on sale serves to magnify the other. The appearance of political disorder at home will only, as we have seen, pile pressure on Spain in financial markets, something its would be helpers in the EU and ECB do not want to see. A very fragile confidence built up in the wake of the ECB change of heart, but not a permanent or very stable one. Secondly, it makes his negotiations at home over the character and terms of reform that much more difficult, both in terms of who tells whom what to do, and how this plays inside canada goose black friday sale and outside Canada Goose Jackets of Catalonia. canada goose outlet online uk

canada goose outlet uk How this plays out is, of course, impossible to foretell. The message, instead, is that the task in Europe, both of weathering the canada goose uk shop immediate storm and constructing a convincing stronger union, is not just almost unbelievably complex at the European level, but also subject to quite unpredictable differences internally within what would appear to be highly stable states. canada goose outlet uk

goose outlet canada That argues for, at the very least, periodic bouts of worry. Expect a lot more volatility in European financial markets than we enjoyed in recent weeks, volatility that just could extend to global markets. (Editing by James Dalgleish) (At the time of publication, Reuters columnist James Saft did not own any direct investments in securities mentioned in this article. He may be an owner indirectly as an investor in a fund. For previous columns by James Saft, click on ) goose outlet canada.

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