Alan Greenspan, former Federal Reserve chairman (1987–2006) and most definitely not an MMT proponent, made a very MMT-friendly claim: “The United States can pay any debt it has because it can always print money to do that, so there is zero probability of default.”
Depends on the lifetime.
Germany shut down the France central bank when they conquered them. They also let the Bourse operate with dictated prices.
So is that bankruptcy? Probably. The bonds would require payment in Francs but Francs no longer existed when the CB was closed.
Traditionally, soldiers occupying a conquered country would be paid in local currency. Not widely known. So francs of a sort had to exist, but they were not coming from France authorities.
Then there was Iraq. The buy and hold guys at the Iraq stock market didn’t do too well.
As for sovereign bankruptcy, there is no such thing because there is no global bankruptcy court to expunge debt.