Spain and Catalonia risk ‘Pyrrhic victories’ over debt decisions

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By Craig McGlashan
05 Oct 2017

Spain and Catalonia could be heading for a “Pyrrhic victory on both sides” in terms of their capital markets access, if they fail to reach an agreement on the latter’s status after a disputed independence referendum on Sunday, according to capital markets lawyers.

Spain’s constitutional court had declared the referendum — where 90% of those who voted were at first claimed to have opted for independence from Spain — illegal, but the Catalan authorities went ahead regardless. That led to violence as police fired rubber bullets and ...

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