France's debt was a contributing factor to the French revolution. But, after the American Revolutionary War, France's tax revenues and debt load were similar to Great Britain's.
Yet Great Britain slowly but surely got out from under this burden.
The key was that France paid twice the interest rate than GB due to a worse credit rating (Imagine the US or the Europeans paying 15% interest in their debt, this gives you an idea what France was facing).
Defaulting on your debt is never good but it might have been the better option.
What would have happened if they'd refused to pay the interest for a few years?
Could this have forestalled the French Revolution?
Any ideas on this admittedly esoteric question?
Thanks.