Would war debts moderate France and Russia at Versailles?

Would dependence on British and American finance force France to moderate its support for Russian demands?

Not necessarily; France and Russia could treat themselves as the decisive victors and pursue a hard peace despite their financial dependence.

A chat question asks whether France would risk antagonizing the British and Americans who hold much of its debt. France and Russia would see themselves as the principal victors and could behave with striking strategic overconfidence. With Russia still fighting, Germany cannot transfer the same mass of eastern troops into its final western offensives, so the war may end earlier. Both continental allies could then construct a public narrative centered on France absorbing German strength and Russia delivering the decisive pressure from the east. That sense of sacrifice and victory could outweigh financial caution during the peace negotiations.