Spain Loses 20% Of Its Financial System If Catalonia Splits

Dropping out of bloc would likely raise the cost of exporting goods produced in Catalonia to EU members and other nations.
Catalonia accounts for nearly a fifth of Spain’s economy, and leads all regions in producing 25% of the country’s exports.
The Spanish region is holding an independence referendum on Sunday with major economic implications for the country — and Europe.
However, even a decisive “yes” vote is unlikely to result in Madrid or the EU recognizing Catalonia as “independent.
If Catalonia was forced to independently apply for EU membership, it would have to convince all of the bloc’s current members to agree — including Spain.

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