Catalan Group Tells 270,000 Supporters To Pull Cash From Banks To Pressure Spain

The bank runs may have begun. We’re seen this pressure before, and they do have deep and lasting consequences. Here’s the latest.

From peaceful protests and marching to taking action with their wallets. Catalonia is putting pressure back on Spain in this call to action.

from Catalan News

Civil society organizations in Catalonia call for a mass withdrawal of money from bank ATMs on Friday at 8am in order to pressure the Spanish government. Organizers don’t especify how much money should be taken out nor what to do with it.

The action targets the five main banks in Catalonia: Caixa Bank, Sabadell, Bankia, BBVA and Santander. Organizers call on clients of Caixa Bank and Sabadell to show their disagreement with the banks’ recent decision to move their headquarters out of Catalonia due to the escalating political crisis between governments in Barcelona and Madrid.

This is the first “direct and peaceful” action organized by Crida per la Democràcia (Call for Democracy). This is an umbrella group which includes among others the two main pro-independence organizations in Catalonia: the Catalan National Assembly (ANC) and Òmnium Cultural.

The mass withdrawal is also aimed at condemning the imprisonment of ANC and Òmnium presidents, Jordi Sánchez and Jordi Cuixart, held in custody on sedition charges since Monday.

Meanwhile, reports are coming in that Spain is seeking to take control of Catalan government, public television, and the police. In addition:

Direct rule of Catalonia is taking shape. The Spanish government and the main opposition party in Spain, the Socialists, agreed on Friday morning on taking control of the Catalan presidency, public TV and police. The plans of Mariano Rajoy’s cabinet and PSOE party also include calling snap elections in Catalonia in January 2018. Because the law states that the Catalan president is the only authority with powers to call elections, it will be necessary to activate article 155 of the Spanish Constitution, which allows the Spanish government to impose direct rule of Catalonia, in order to hold a Catalan election from Madrid.

Mariano Rajoy’s executive has been threatening to apply Article 155 for several days. Following Carles Puigdemont’s speech in the Catalan parliament on October 10, in which he suspended the declaration of independence, Madrid sent two letters to Barcelona officially requesting whether independence had already been declared.

Greece went through bank runs of their own a couple of years ago:

Albeit for different reasons. But to say that bank runs did not have an immediate effect is putting it lightly. On Sunday, June 28, 2015, PM Tsipras was forced to announce closure of the banks in Greece to stop the bleeding, and to limit withdrawals to 60 Euros per day from ATMs.

As Willem Middelkoop said in a recent interview – things like this always happen on Sunday.