Contrasting fortunes in Iberia

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By Craig McGlashan
21 Sep 2017

The Spanish central government’s stand-off with the executive in Catalonia over an upcoming independence referendum is failing to worry Bono investors — but some bankers believe the market could soon be hit by a bout of volatility unless an agreement is reached. The Spanish situation was in marked contrast to the country’s western neighbour, as Portugal enjoyed a strong week after regaining investment grade status from S&P.

Spain’s Constitutional Court earlier this month suspended a Catalan law on the referendum, scheduled for October 1, but the situation escalated as the Catalan government vowed to go ahead. Over the last week, there have been scenes of Spanish police raiding Catalan regional government offices and arresting senior ...

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