Spread the love France was on the brink of its Fifth bankruptcy in 1720. France defaulted in 1558 under Henry II, following the costly Habsburg-Valois Wars (also known as the Italian Wars), the outright repudiation of debt, and currency devaluation. Then in 1648, a Debt Crisis occurred under Louis XIV (Early Reign) with the Thirty … Continue reading War Bankrupts Empires, Nations & City-States – Here We Go Again