There are lots of other options, one of which is playing out before us: 3a. print large amounts of money, enough to cause significant inflation. 3b. wait long

There are lots of other options, one of which is playing out before us: 3a. print large amounts of money, enough to cause significant inflation. 3b. wait long enough for inflation to have a significant effect on the real value of your currency 3c. congratulations, your currency is now worth less in real terms… but your debt has been effectively reduced by the same amount.