Pro-independence parties in Catalonia won a regional vote Sunday, but failed to carry out a controversial mandate for a referendum on independence from Spain.
It’s could have been an unpleasant day for Mariano Rajoy`s government, after four different Catalan separatist parties, calling for a referendum on secession from Spain, won almost two-thirds of the 135-seat local parliament.
However, the Catalan president leading the region`s most determined bid for independence in decades has emerged much weaker. Artur Mas`s Convergence and Union party (CiU) won only 50 seats, down from 62 two years ago and far fewer from 68 required to win his bid.
A breakout from Spain seems to be quite elusive for the main separatist party as voters made it difficult for Mr. Mas to pursue a united drive to hold a referendum in defiance of the constitution and central government in Madrid.
Catalonia`s traditional separatist Esquerra party had the second place with 21 seats, surging from fourth spot in 2010. The Socialists took 20 seats and the Rajoy`s center-right People`s Party won 19, coming in third and fourth place, respectively.
Euro snapped a five-day rally to trade around $1.2964, after setting a session high of $1.2983 and low of $1.2943 Yields on Spain`s 10-year benchmark rose by 2 basis points to 5.597 percent, down from 7 percent recorded in July.
Catalonia is a relatively rich region of Spain, despite suffering recent economic challenges. Still, many officials say the independence bid is simply a distraction to shift the focus away from Catalonia`s own financial crisis.
Recently, the Spanish Premier fleshed out some of his natural caution and accused Mas of acting irresponsibly by turning the vote into a referendum on independence, thus ddeouting Catalans` attention from his own financial troubles.
The northeastern region trailed the path to detach from Spain flushing away the dreams of Catalonia`s president to hold a referendum on self-determination in a vote that risked to drive a new wedge into the euro zone`s fourth largest economy.
CiU party will try to ride the separitist tide again as part of a power struggle with Mr. Rajoy over the size of Catalonia`s contribution to national war chest. Catalonia is resposible for about a fifth of Spain`s economic output.
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