The real practical threat is that, after an agreement has been made with the EU delegates, when it comes to ratifying the agreement, Spain will say No. And despite PFH's criticisms of the EU lacking democratic accountability, the EU as a body is subject to numerous vetoes, one for each member state. As Canada has found out, if one member says No, the EU as a body says No. And the default persists until an agreement is reached. In the face of this, the UK can't exactly threaten war, and it has far too little leverage for economic war.
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