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Huge news in Europe today…Catalan lawmakers voted to declare independence from Spain. Meanwhile, Madrid immediately moved to quash the breakaway bid in a sharp escalation of a crisis that has caused jitters in secession-wary Europe.

Renowned European economist and author Daniel Lacalle joined us in the HedgeyeTV studio this afternoon to offer his take on the developments. He discussed the implications with Hedgeye CEO Keith McCullough.

A few quick thoughts from Lacalle:

  • Catalonia secession is not about freedom, it is about bureaucracy
  • Catalonia risk could reduce Spain GDP growth to 2.3% in 2018 vs 3.1% 2017
  • Secession would result in recession for Catalonia and negative GDP revisions for Spain

Watch the clip above from their interview.

The full interview will be released next week.

Catalan Independence: Bad For Spain (and Catalonia) - etf pro