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.
As for sovereign bankruptcy, there is no such thing because there is no global bankruptcy court to expunge debt.
Not everything happens in a court. There is settlement outside of courts more often than not.
The satellite countries grabbed all assets in their borders. But they did assume the pension plans for their citizens.
The interesting thing is Russia assumed all the debt of the soviet union. ever wonder why?