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>> The crisis in Catalonia has now entered a new phase with Spain warning the region it could impose direct rule. Catalan leader Carles Puigdemont, went ahead with proclaiming with the region's independence on Tuesday. Then immediately suspended its effects to allow for talks. But Spain's Prime Minister Mariano Rajoy is demanding clarity.
> Requesting the Catalan Government to confirm whether it now considers itself independent. The move is the first step towards suspending Catalonia's autonomy. Reuters Bureau Chief in Madrid Julia Toyer says Puigdemont faces a big conundrum.>> On one hand you could confirm that he did declare independence yesterday.
And then the government would have more than enough to trigger Article 155 suspend the autonomy and call a regional election. He could also say I did not declare independence technically, but then he would face a problem at home with some key supporters of his minority government. Likely withdrawing their support and then he would have to call original election.
>> However, Rajoy is still holding a agreeing to looking into a possible constitutional reform within six months.>> So the Catalons are under pressure to have immediate talks within a month that's the deadline that has been set by one of the pro independence groups. And Rajoy is telling them, look I'm ready for talks, but a, you must come back within the law.
You must drop your declaration of independence. And b, those talks will not happen in one month. They will happen in six months. So the pressure is definitely back on Puigdemont.>> Financial markets welcomed the news an immediate declaration of independence had been avoided. Spanish stocks led a rebound in European shares on Wednesday.
And the Euro had a two week high. Catalonia has no specific time frame for when it has to provide Madrid with an answer. Confusing an already fraught situation even more.