Michael Reid (The Economist, Catalonia)

00:07:14

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Recession and slump of course cauldron bubble doesn't. Table. They think they should get people that tie as the best in the they're also walked and how. And while drinking self government but they're able to be able. And that blossomed against the course and connect up. And they've been able. Different and correct spelling and older historic victory and room table being an integral part of it. Would de CV do you sit mentioned 1978. What occurred in 78. They kept them happy for the last forty years or so. Well. Opt of the perfect ankle sprain. Drop the democratic constitution. Pat Kate. The region. Very wide. Cause of our government to cut long. Police. Education and health services. Prisons. An awful lot of and it. They were able as a result of to ensure that the Cutler language. You estimate language schools from powerful aren't keeping them. Public life has to do it. But and that was. Profit side. An historic double fault what have you couldn't even well you know that without magic offensive confidence. Who don't want independents. But do want. And it changed. They're anxious do that in spending. That is the difficult is that haven't got there about what if what if our potential independent without credit because it won't affect the deal. So right now the deal if you will. Is they pay federal income tax and they pay more to Madrid then they get back in return is that a fair assessment. That's correct it and they've stated. You know. They say the plane let them is that phrase all of them. Eight and nine billion users as you well they have half a point I'm in as Spain and it's. It's not quite. Or manipulation. By the use of different cities in the quasi federation but it federation is normal that the chebaa subsidized. But in we came out. They probably should get a bit more money. I'm also very kind of probable Google public investment and agenda. Some argument. Focusing on what could be addressed situation. So what would the economic impact be. If Catalonia did in fact secede. From Spain. Will be huge. I mean we've seen in the last couple days. Federal law Scotland. Companies. Announced their movement and people headquarters. Of the pot president wanted to by the potential. I couldn't it about 20% cold front. Published GDP. If if they would become independent that would have been forced to leave the EU's European Union because. The European Union if it. It's treating title and being lifted them with an interpreter it is no wonder they. And they were going to be over a couple of years joining you know so I'm hundred and you already feel and that is our corporate investors. Worried about a couple of years especially but also and being chosen. And and accessible. BP pummeled the we've. They go up and go to prison that they couldn't control out of the bulk of. You know this reminds me a lot of went to Beck tried to secede from the rest of Canada. You had companies leave Montreal and Quebec never recovered from that what can be done deceive this union before a lot of damage is done. To Catalonia. I think that the good I mean. In the capital and much Opel has been in Scotland does Utah have of course to cut back. I'm I think you know. Well on the print them but I think there are foreign. In from possible the day and that probably because of those competence. Of the independence movement. Maybe to have control power and unilateral declaration of independence next week but it. I think you basically have to all the negotiation and I think that negotiations would have to include. But it's certain conditions the possibility of an equal. Referendum. But you won't let in the Spanish constitution is not in a constitutional tradition and then. I just took the patent and yes I'd like that I mean and the question is. We have great trouble because. Damaging. If you have to find which reported that Lebanon politically easy because many other record that on at prime minister this property. Actually don't wall in the left paying the credit card company. On the want to the other. Independent variable as double the powerful movement that but what other kind of logical but as. And clinical leadership and volatile and stepped back from. Michael thank you very much for your time we appreciate it. Michael reed from the economist you know we don't think about it but this is a very disruptive. Element to Europe and I would tie the parallels between two back. And Catalonia. Who can Beck. Jeff what happened was you have major companies have that sunlight of Canada who just left immediately went to back voted to secede they never did secede. It live when they voted to secede you had. Big companies in Montreal Montreal used to be a dominant city in Canada and it's a shadow of of drawn out trial is the dominant city. In in all candor.
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