The meeting between Rajoy and Mas bore no fruit, which was expected. Mas gave Rajoy an ultimatum, and the Prime Minister couldn't navigate toward a mutually acceptable solution.
For example, not closing the door on a fiscal agreement for Catalonia, which even though it wouldn't be tackled immediately would happen before Rajoy leaves office. It's also possible that the ground would be paved for changing the model of the state in Spain's Constitution during the next Prime Minister's term in office. The lack of clarity about what will happen means the situation is worse than it was yesterday. Mas could take up a nationalist stance and hold elections in Catalonia. The CiU would get a boost of support by taking advantage of separatist sentiment.
Contrary to what has happened up until now (all leaders who have been up for re-election during the crisis have lost), Mas could win. If he does, his will have succeeded by channeling the frustration and indignation that Spanish citizens feel toward the cutbacks that Rajoy has imposed. Perhaps things will turn out poorly, but at least the fuse will be lit. This is bad news for the economic recovery of the country.
Economical and political stability drive growth. In the economic realm, indicators suggest that there is much to do before stability and growth return. In the political realm, the situation is breeding pessimism.
The combination of economic and political crisis are making it very difficult for Spain to get out of its hole. Mas and Rajoy ought to reconsider that.
