|Catalonia is the wealthiest subdivision of Spain|
While the Spanish imperial government wants to use this crisis to dismantle regional autonomy, forgetting that 90% of what really matters of the state (i.e. social services) are managed by the autonomous communities, in places like Catalonia, where the majority wants independence, they demand expansion of fiscal self-rule, what has been dubbed the "fiscal pact".
Since the founding of the Kingdom of Spain sometime between 1707 and 1716, most historical countries like Catalonia have not enjoyed (with very minor temporary exceptions) any sort of self-rule. The only exception were the Basque provinces, which enjoyed quasi-independence until the 19th century and still have almost full fiscal self-rule, paying instead a tribute to Spain which must be negotiated once and again every few years.
This special statute is of course envied (with good reason) by countries with strong differential personality like Catalonia, who want something similar.
This may eventually lead, in my opinion, to a war similar to that of Yugoslavia, I believe, because the attitude of Spain is not at all distinct from that of Milosevic, looking always to get profits only in the short term and to diminish the self-rule of the historical nationalities. The main difference is the lack of territorial militias and weapons in every home, which was a characteristic of the Titoist or Swiss defense systems, more democratic, which entrusted the citizenry with part of it.
Whatever the case, the President of Catalonia, Artur Mas, is demanding now such a fiscal pact, which would allow, Catalonia to take care of itself without need of any bail-out. Instead, if no fiscal pact is achieved, Catalonia is dependent on the good will of the central state, which is often not good nor will.
According to Mas, with half of the "fiscal pact", Catalonia would not need to make any cuts and has threatened that, if no pact is achieved, consequences of great importance will be derived in regard to the relationship between Spain and Catalonia. In what I read a veiled (and maybe empty) threat of unilaterally proclaiming independence.
Ref. El Periódico[es].