aug 1, 1788 - France declared bankruptcy

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- Louis XV made huge debts with Versailles and wars
- When Louis XV came to the throne there was a debt of 400 million livres which he couldn't pay back
- When Louis XVI came to the throne all he could do was increase taxes to the third Estate
- France had spent 1 billion livres on American Revolution
- 4 billion in debt
- Many accused Marie Antoinette for spending too much on luxuries

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