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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the Spanish debt, would be 52% 51 <strong>of</strong> the GDP (including commitments<br />
for future years). This is far below the European average.<br />
• International Law is the framework to be considered and it provides<br />
assurance <strong>of</strong> a negotiated solution.<br />
• Until such time as negotiations begin, there are many factors in<br />
favour <strong>of</strong> the repudiation <strong>of</strong> the debt.<br />
Afterword<br />
Does freedom have a price? How will all this end?<br />
In the determination <strong>of</strong> <strong>Catalonia</strong>’s debt, we believe we have gone beyond<br />
the criterion used by the EU by applying the EDP method and also by including<br />
the commitments for future years. Likewise, we have analysed the<br />
implications <strong>of</strong> International Law on the separation <strong>of</strong> States. Lastly, we<br />
consider that the data we have presented are accurate.<br />
Now, we would like to express a few personal thoughts:<br />
• International Law clearly states that «No State debt <strong>of</strong> the predecessor<br />
State shall pass to the newly independent State». If we are<br />
covered by International Law, why should we relinquish this<br />
right? Why should we pay?<br />
• For centuries the looting <strong>of</strong> <strong>Catalonia</strong> has been so large –in macroeconomic<br />
figures and in suffering (as has been so well and succinctly<br />
described above by the historian Xavier Escura)–, that we<br />
can only ask: why must we pay a debt that is considered immoral,<br />
illegitimate and hateful?<br />
If there is no reason why <strong>Catalonia</strong> should pay, if <strong>Catalonia</strong> may repudiate<br />
the debt, serious negotiation is in order as would be fitting for two<br />
51. Authors’ note for the English edition: This article was written in August 2013<br />
based in part on information published by the Generalitat and in part on a report by the<br />
Audit Office [Sindicatura de Comptes]. During the course <strong>of</strong> 2014, after publication <strong>of</strong><br />
the book, the Direcció General d’Anàlisi i Seguiment de les Finances Públiques, let us<br />
know that multi-year expenditure had already been included in the financial debt. According<br />
to their calculations, in the case <strong>of</strong> a “no negotiation” scenario, the General<br />
tat’s debt would be around 15% <strong>of</strong> GDP<br />
170 <strong>The</strong> <strong>Economy</strong> <strong>of</strong> <strong>Catalonia</strong>
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