Spain break itself or sí.JPMorgan recommends selling Spanish bonds

Given the authoritarian escalation of Spain, JP MORGAN advises selling Spanish bonds

Markets are preparing for the umpteenth Spanish default. The whole economic world knows that  Spain without Catalonia  can not repay the debt. But also they know that the current Spain soon not be able to do when rates rise.

Actually the whole EU is fatal, lives on borrowed time ; its debt is 85% of GDP and the euro zone exceeds 90% ... 
12 trillion should the EU governments ... 
Even with the "controlled" deficit last year EU countries borrowed 350,000 million euros.

Unsustainable, Petara by all the sides ... 
Although small European countries such as Catalonia are those with less debt percentage of GDP.

It is clear that the violent escalation of Spain against the Catalan people unviable sharing pact debt. Citizens who even begin to consider whether to remain in the EU will be good for them. 
Therefore, Spain break or yes.

The US bank believes that the referendum "tests the limits of political and legal order in Spain".

The risk premium of Spain (differential cost of their ten-year bonds versus German) continues to rise moderately by tension in Catalunya, as some investors are reducing positions in the country before the referendum held on October 1 to decide on independence.

Some investment banks believe that seeking protection will continue as the referendum approaches. For example, fixed income analysts at JPMorgan have recommended "underweight" Spanish government bonds "to reflect the risk of more negative headlines from Catalonia in the coming weeks". In exchange for selling Spanish titles, the company advises buying those of Germany and Portugal. 

Specifically,  JPMorgan recommends selling Spanish bonds maturing in October 2027, investing an amount equivalent to a similar term debt of Portugal (67%) and Germany (33%).