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 Years’ War (1618–1648) and the Franco-Spanish War (1635–1659). Louis XIV suspended payments and manipulated currency. Then, in 1661 , there was another financial collapse under Louis XIV, when Finance Minister Nicolas Fouquet was arrested for corruption. Jean-Baptiste Colbert later reformed finances, but debt remained high.
Then…
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