Spain says Catalonia faces risk of recession

Asian markets mostly climb as Catalan relief supports euro

Spain says Catalonia faces risk of recession

The central government has given Carles Puigdemont a Monday deadline to make his stance clear and to fall in line with Spain's constitutional laws before October 19 if he wants to avoid losing autonomous powers in the region. "I wouldn't like that". "It's already pretty hard with 28". The deputy prime minister also said that hotel reservations in Catalonia were now falling 20 percent to 30 percent.

Around 40 Catalan banks, multinationals and mid-size businesses have moved their registered addresses out of the troubled region.

But the deputy prime minister says that investment in Catalonia is falling and, citing industry sources, she said the tourism sector in the region has seen business drop between 20 and 30 percent in the past month.

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Catalonia's president faced mounting pressure on Friday from within the separatist movement to declare independence from Spain once and for all.

The Assemblea Nacional Catalana, or ANC, a civil society group that organised massive protests in support of secession, also issued a brief statement with a similar message.

Puigdemont made a symbolic declaration of independence on Tuesday night, only to suspend it seconds later and call for negotiations with Madrid.

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Addressing the Catalan Parliament in Barcelona on Tuesday evening, Catalan leader Carles Puigdemont said: "We call on worldwide states and organisations to recognise the Catalan republic as an independent and sovereign state".

Spain's government has threatened to activate unprecedented measures to take over Catalonia's self-government if secession plans go forward.

The eurozone's fourth largest economy is undergoing its most serious political crisis in a generation after Catalonia's separatist leader said he had accepted a mandate from a banned secession referendum for the region to "become an independent state".

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Just a day after clashes broke out in Spain between Catalan independence supporters and pro-unity followers during the National Day celebrations, European Commission President Jean-Claude Juncker has today expressed concern about separatist tendencies in Europe and how he had asked Spanish Prime Minister Mariano Rajoy to stop the Catalans "running amok".

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