When the US or the EU Finally Defaults on Their Debt

Basically two things can happen when one of the leading super powers finally goes so far as to simply not pay back our debts in an agreeable manner. War and forgiveness. For the sake of understanding how the citizens of the lender nations feel in this circumstance, let's pretend that the US is actually a lender nation, and that the EU is actually a debtor nation that owes the US trillions of dollars and is about to default on it's debt and working on renegotiating that debt with the US. The president is working with Congress to decide