For now, it's business as usual in Spain, said Madrid-based credit manager Joaquin Rodriguez Cazalla, of Holcim, S.A., who shared his thoughts about the country's Catalonia region's potential succession
Catalonia sits in the northeastern part of Spain and its parliament adopted a resolution Monday supporting its independence. “Clearly, the origin of the problem is linked to the sharp crisis suffered in Spain, intensified since 2010,” Cazalla explained. “The weakness of governments in the Mediterranean area has brought about different kinds of responses and radicalization processes of alternatives.”
Through this recent declaration, the Catalan party hopes it can break away within 18 months; however, Spain’s prime minster has said the Spanish government will appeal the motion.
While the move has not yet affected business transactions in Spain, it could in the future. “Some movements of companies from Barcelona to the center of the country, delays in payments to suppliers from the regional government in Catalonia or some Catalan blockade campaign products have been some of the effects of this dispute, but not relevant [until] now,” he said. “Probably the worst effect (we cannot evaluate it) is the stop of new investments.”
Even though it has mostly been business as usual in Spain, Cazalla said many people are dealing with the social ramifications of the crisis. “While this induced problem of social psychoanalysis is being solved, fortunately business goes on,” Cazalla added.
- Jennifer Lehman, NACM marketing and communications associate
Check out NACM's eNews article, Catalan Resolution Unlikely to Impact Business in Spain.