As soon as Sabadell announced its change of address on Thursday, the market rewarded it with a nice 5% surge in its share price. The message was clear to the rest of Catalonia's listed companies, many of which had suffered similar routs to Sabadell: get out of Dodge (or at least pretend to on paper) and you'll recover at least some of your losses.

All they needed was a little creative help from Spain's central government in Madrid. On Friday morning the Rajoy administration passed a law making it possible for Spanish companies to move their registered address to other regions of the country in just one business day and without having to consult their shareholders, even if their company charters state otherwise.

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