Then in 1648, a Debt Crisis occurred under Louis XIV (Early Reign) with the Thirty Years' War (1618–1648) and the Franco-Spanish War (1635–1659). Louis XIV suspended payments and manipulated currency. Then, in 1661, there was another financial collapse under Louis XIV, when Finance Minister Nicolas Fouquet was arrested for corruption. Jean-Baptiste Colbert later reformed finances, but debt remained high.

Then, in 1715, France fell into bankruptcy following the death of Louis XIV. The War of the Spanish Succession (1701–1714) left France deeply indebted. The regency of Philippe d'Orléans implemented the Visa of 1715, a partial debt repudiation. This brings us to 1720 and the collapse of the Mississippi Bubble (John Law's system), for which history blamed him without examining France's chronic debt problems. John Law's speculative financial scheme collapsed, resulting in hyperinflation of paper money and a banking crisis. The French government defaulted on its obligations.