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What if the French monarchy, faced with a huge deficit, doesn't bother to call up the Estates General and just declares bankruptcy, cancelling its enormous stockpile of debt?

Yes, I know it would imcrease interest rate on future loans, but Spain declared bankruptcy several times in the 1600s and it didn't seem to have major ramificiations long term. Given debt interest was one of the main spending areas, cutting that to zero would likely mean no further borrowing was needed for the medium term.
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