NASDAQ – Catalonian Parliament Approves Independence Referendum Plan

The parliament of Catalonia, dominated by Catalan nationalist parties, Thursday approved a plan to hold a referendum on a possible declaration of independence by the Spanish region.

The motion to hold the referendum, which may lead to a high-profile political clash with the country’s central government, was approved with the vote of Catalan nationalist and far left parties, with the conservative Popular Party- -which holds a large majority in the Spanish parliament–voting against.

The Socialist Party, until recently in power in Catalonia, didn’t cast a vote in protest for what it called an illegal proposal.

Just as the Catalan parliament voted, Spanish deputy Prime Minister Soraya Saenz de Santamaria said the country’s government is dead-set against such a referendum, and will use “every tool at its disposal” to stop the referendum from being held.

Catalan nationalist parties complain that a large share of resources drawn from the region, one of Spain’s largest, end up in poorer regions. They have tried to negotiate a new fiscal deal with Madrid, but the attempt was recently rebuffed.

Read article @ NASDAQ