SPAIN'S debt would surge by another fifth to 120 per cent if Catalonia became independent, pushing the fragile economy to the brink.
Companies and banks have managed to dodge the first challenge of the Catalan secessionist by changing their registered address.
But the domino effect of political conflict in the economy is much more complicated.
Spain's debt laden economy is still vulnerable to shocks.
And economists have warned the economy would be significantly damaged by the independence process.
A unilateral declaration of independence would mean that the weight of the national debt would rise up to 120 per cent of GDP, from its current 100 per cent.
It means the Spanish state would see its debt ratio rise to levels close to those in Italy.
Catalonia's debt currently stands at 35.4 per cent of its GDP, €76,727million, and that a good part of it - 68 per cent, 52,499 million euros - is under the state umbrella of the Autonomous Liquidity Fund (FLA), according to calculations by the director of economy and statistics of the Savings Banks Foundation (Funcas), economist Raymond Torres.
In a subsequent negotiation process it would be logical to think that Catalonia would assume its debt.
But it would be inevitable that Spain would initially take over the Catalan portion of debt, at the same time that it would lose the production that Catalonia contributes to the national GDP as a whole.
In the short term, the Spanish debt would remain practically stable, but GDP would fall substantially, according to the calculations.
It comes as Spanish stocks took a hit amid the political turmoil.
Catalonia accounts for around a fifth of the Spanish economy.