He will default on the debt.

Nope, don't think so, because that would hurt his cronies. He will gladly throw Proles under the bus. He, after all, is a "JC", and, to "JCs", Proles are expendable meat.

Read up on the Flint "water crisis". Flint was close to going BK, which would hurt holders of city bonds. So the "JC" Gov of Michigan, appointed an "emergency manager" with authority to usurp the power of local elected officials, and do whatever it took, to make sure the money interests were made whole. One of his moves was to cut off the city water supply from Detroit, and reactivate an old filtration plant, that drew water from the heavily polluted Flint River. Theoretically, with enough treatment, the river water could have been made drinkable, but that would cost money, so they scrimped on treatment. Citizens of the city howled about the muck coming out of their faucets, but, the EM demanded they pay their water bills anyway, because the money interests wanted that money. The GM facilities in Flint, somehow, switched themselves back to the Detroit water system, because the Flint water was corroding their equipment. Then the cases of lead poisoning started showing up, because the corrosive water was leaching lead out of old service lines, that had been safe to use, with better quality water.

Michigan has been a preview of Trumpville: elected officials replaced by authoritarian decree, citizens poisoned for the benefit of the money interests, state capital building overrun by armed goober demonstrators.

Steve....HBTT