Nationalist leaders claim that an independent Catalonia would be like the Sweden, Netherlands, or Massachusetts of the south of Europe. Although Catalonia is a rich region, it is very far from these benchmark cases. According to an EU study, Catalonia has the worst regional government in Spain in terms of corruption, effectiveness and accountability, with a level comparable only to some regions in Greece, Italy and former Eastern Bloc countries.
Similar to the rest of Spain, the area is suffering from the consequences of economic crisis and political corruption scandals. Its regional government is the most indebted in the country in absolute terms and the third most indebted relative to its GDP. The Catalan government has seen its credit rating slashed by all credit agencies and is unable to finance itself in the markets. In addition to this, an independent Catalonia would automatically exit the EU and would have to renegotiate membership with the threat of a Spanish veto.