I'd like to note that leaving the euro, or rather break some of the rules in the EU collaboration surrounding the common currency, is punishable by a fine (if and when the EC takes the country to the Court).

Trade embargoes are not a regulated punishment, and the countries doing a trade embargo would violate many more rules then the country violating the common currency does. It would also jeopardise the EU, not only the EMU. I don't think that would happen. I do think there would be trash talk in the economic papers, there could be runs on the new currency, and there would be loud support for the opposition that wants to re-enter the EMU. But I think that is about it. Oh, and the new government would not be welcome to the right parties.

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