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A country that is known to elect new leaders cannot credibly precommit to paying back a loan unless it is in a situation that is robust against new leaders refusing to pay back the loans. So you would in fact be bound by the precommitments of your predecessor whether you wanted to be or not, though the exact mechanism can vary depending on exactly what made the precommitment credible.
That's highly misleading. Empirically, many countries have successfully raise debt, and paid it back, despite debt-holders having no defense against a new leader wanting to default.