The Economy of Catalonia
the_economy_of_catalonia._questions_and_answers_on_the_economic_impact_of_independence
the_economy_of_catalonia._questions_and_answers_on_the_economic_impact_of_independence
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Possible negotiation scenarios<br />
What part <strong>of</strong> Spain’s debt would <strong>Catalonia</strong> have to pay? Would <strong>Catalonia</strong><br />
really have to pay anything? What would be the weight <strong>of</strong> this debt<br />
on the new Catalan State?<br />
Various possibilities should be considered<br />
a. No obligation for <strong>Catalonia</strong> to pay<br />
«No State debt <strong>of</strong> the predecessor State shall pass to the newly independent<br />
State». Consequently, this would be a literal interpretation <strong>of</strong> Article<br />
38.1 <strong>of</strong> the Vienna Convention <strong>of</strong> 1983.<br />
b. Debt in exchange for fiscal deficit<br />
<strong>The</strong> calculation is simple: if the fiscal deficit <strong>of</strong> 1986-2010 totalling<br />
230,779 million euros is deducted from the part <strong>of</strong> the Spanish State’s<br />
debt which <strong>Catalonia</strong> would assume according to the GDP (165,089<br />
million euros), the Spanish State would be the debtor to <strong>Catalonia</strong> for<br />
the amount <strong>of</strong> 65,690 million euros.<br />
c. Debt versus distributable assets<br />
Part 1 <strong>of</strong> Table 10 shows what part <strong>of</strong> the Spanish State’s debt would<br />
correspond to <strong>Catalonia</strong> according to the population and GDP criteria.<br />
Part 2 <strong>of</strong> the table shows the assets <strong>of</strong> determinable value which would<br />
partly compensate the debt, so according to the population and GDP criteria,<br />
the balance would be respectively 77,820 or 106,811 million euros.<br />
Part 3 <strong>of</strong> the table shows the assets to whose value we do not have access.<br />
<strong>The</strong> value <strong>of</strong> this asset is truly immense and in many cases it is quantifiable if<br />
one has access to the pertinent information. Indeed, it is important to have<br />
such access since the valuation <strong>of</strong> this is essential for the distribution <strong>of</strong> assets.<br />
Part 4 <strong>of</strong> the table refers to assets derived from looting, theft, compulsion,<br />
etc., representing extremely large losses and very serious damages suffered<br />
by Catalan society for many years. <strong>The</strong> valuation and quantification <strong>of</strong> this<br />
property is very difficult.<br />
With respect to the privatisations <strong>of</strong> public companies which are listed in<br />
Part 5 <strong>of</strong> the table, it is a highly complex matter to analyse the enrichment<br />
<strong>of</strong> specific sectors to the detriment <strong>of</strong> the Catalan general interests<br />
which have taken place with the privatisations as from 1985.<br />
Debt and distribution <strong>of</strong> assets 167