The critical elections in Catalonia on September 27th could result in an outright majority for secession from Spain, something considered unthinkable only a few years ago. While Greece, is out of the headlines, a new risk to the euro-zone could emerge from the other side of the Mediterranean.
Such an outcome does not mean an independent Catalan country overnight, but this conflict certainly moves away from being an internal Spanish affair to an outright crisis for the euro-zone, with a “Cataleave” posing more risk than a “Grexit”.
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