The Economy of Catalonia

that party’s consent. No one can prevent Catalonia from assuming the title
to all the public property of the Spanish State situated in Catalonia. This is a
customary rule and, consequently, it is applied directly».
A highly significant consequence derives from whether or not negotiation
takes place: for as long as Spain were not to recognise the new State of Catalonia,
it would not be possible to negotiate any distribution of anything and,
therefore, each of the parties would assume its own debt. This would be
60,500 million euros (24.1% of the GDP) in the case of Catalonia, and
833,782 million euros in the case of Spain, according to the criterion of the
Excessive Debt Protocol (99.1% of the GDP of Spain without Catalonia).
«No State debt of the predecessor State shall pass to the
newly independent State»
Obviously, both the predecessor State and the successor State are objectively
interested in reaching an agreement since both of them need to
maintain a legal security in their international relations and in the continuity
of their mercantile and financial relations.
In the debate under way at present in Catalonia, there is talk of a proportional
distribution of the debt. Nevertheless, in relation to the separation of
States, the assumption of debt has limitations that should be considered.
VC83 affirms categorically that «no State debt of the predecessor State shall
pass to the newly independent State unless an agreement between them provides
otherwise in view of the link between the State debt of the predecessor
State connected with its activity in the territory to which the succession of
States relates and the property, rights and interests which pass to the newly
independent State.» 37 It would be interesting to determine which part of the
debt would be specifically attributable to Catalonia by reason of territory.
Another principle that should be considered is that, according to VC83,
fundamental economic equilibria of the newly independent State shall
not be jeopardised.
37. Article 38.1 of the Vienna Convention of 1983.
156 The Economy of Catalonia