> Yes, converting the debt more or less equals a default.

It's not technically a default but it would definitely have a negative impact on France ability to borrow after so I get your point.

> I don't see French economy being very dynamic without the euro.

The French economy dynamism was doing mostly ok before the current wave of political instability. France still has great infrastructures, a highly educated population and cheap energy if we exit the european energy market which is artificially tying our energy price to gaz thanks to the shortsightedness of our neighboors. Plenty of advantages we could leverage.

Devaluation would solve the issue of the population being politicaly unready to lower its standard of living to lower labour costs on top of helping with the debt burden.

Then, there is the obvious political benefit of untying us from people we share neither the culture nor the vision. The argument that pulling sovereignity to gain power is a charade. The utter failure of the commission negotiation with the US revealed what should have been apparent from the start: the emperor has no cloth. Why agree to be in an union which only apparently serves to prop up Germany?

> which is artificially tying our energy price to gaz thanks to the shortsightedness of our neighboors.

There were plenty of opportunities to reform the price-setting mechanism of EU energy market, wonder why that never happened. There are several - frankly probably most - countries that are unhappy about it. I don't really understand why nobody makes it a top priority agenda.

> Devaluation would solve the issue of the population being politicaly unready to lower its standard of living to lower labour costs on top of helping with the debt burden.

Ah yes, make people poor in addition to making the state poor. How could that go wrong.