“Their remaining options are limited and not very good. They include: default, (hyper)inflation, devaluation of the currency, or crushing tax increases.’
Or sharply curtailing government.
“Or sharply curtailing government.”
When the government is the one making the decision, that’s never an option.
We have Brazil and Venezuela as examples. If those countries go through their current financial reset without revolutions I will be surprised.
Next up are Japan and China.
Popular uprisings, aka revolution, tend to curtail government.