[ggm]

It's implicit in the Mar a Lago model: They will tell debt holders to re-negotiate to longer term debt instruments on low interest or risk losing their money de-facto by being put on some (soverign risk incurring, true) other path which pays out worse for them as the debt holder.

The risk of losing their profit is what I meant by repudiating the debt.

Chinese investor interests hold ~ $800b of debt. Thats not the state, but it is doubtful the state would bail them out: They pick and chose how to fix problems like this and I think the message "You invested in America not us, you wear the risk" would be beneficial to them.