If the IMF has anything to do with it bond holders will see a default unless they are called IMF, World Bank, or Central Bank.
A much better solution will be to split the currency into digital dollars and old dollars. Then they can do an airdrop of digital dollars to citizens only. That way all debts of citizens stay in the old currency which will be worth 20 cents on the dollar. Happy citizens just doubled their money, and wiped out most of their mortgage.

Unhappy bond holders and international dollar owners, who don’t qualify for the airdrop.

Rich people will make money - measured in old dollars, on their tangible assets, but will be relatively poorer measured in digital dollars.

It’s not socialism, but it will be a leveling of sorts.