The most sensible thing to do is work to overthrow the government and turn it into a Communist or Socialist-Dictator state. Then declare that all foreign debt is void and say FU to the world and watch as the world burns.
Meanwhile, while we may be bankrupt, we'll still have a large army that we will use to annex Canada and parts of Mexico for its oil. We will then talk to our communist brothers in Venezuela to aid us with more oil or else... And we can now openly take the oil from Iraq since we won't need to care about our image.
Meanwhile, wimpy Europe will vacillate between doing something and ultimately doing nothing. And that my comrades is how we'll solve this problem. All hail the USSA!