Mélenchon wants to erase France's debt. What are the precedents for that?

Jean-Luc Mélenchon proposes canceling 19% of France's debt held by the ECB, sparking debate in the presidential campaign. Historical precedents include France's bankruptcies in 1797, partial cancellations in 1928 and 1932, and Germany's restructuring in 1953. These events show that while debt cancellations can lead to economic improvement, they often require lengthy negotiations with creditors and typically spare private lenders. Experts agree that France's current situation does not mirror the conditions that prompted past cancellations, such as wars or revolutions.