Catalonia on 21 December holds a regional election which the Spanish government hopes will strip pro-independence parties of their control of the Catalan parliament and end their campaign to force a split with Spain.
But, though final polls showed separatist and unionist parties running neck-and-neck, an effective pro-independence majority remains a likely outcome that would jolt financial markets and cast a long shadow over national politics.
Spanish Prime Minister Mariano Rajoy called the 21
December vote in October in the hopes of returning Catalonia to “normality” under a unionist government. He sacked its previous government for holding a banned referendum and declaring independence.
A new separatist majority would further dampen investors' confidence in Catalonia, which by itself has an economy larger than that of Portugal and is the main driver of Spain's economic growth.
However, pro-independence leaders recently have backed away from demands for unilateral secession.