invasion drove the strategy for an alliance with Napoleon. Denmark-Norway had little to offer France as the naval strength had been eliminated. The cost of rearmament and war time preparations took a toll on the Danish-Norwegian economy. Adding to the loss in the attack on Copenhagen in 1807, Frederik VI remained loyal to Napoleon and France, even as Sweden and Russia switched alliances to Great Britain. When France attacked Russia in 1812, both nations effectively allied with Great Britain, leaving their alliance with France behind. After suffering a prolonged period of defeat between 1810–1812, King Frederik VI was increasingly concerned about losing claims to Norway and the lands owned in the North of Germany. Bankruptcy declared On January 5, 1813, Denmark-Norway declared bankruptcy and a new state bank, the Rigsbank, was created to bring the economy out of hardship. The main agenda for the Rigsbank was to re-organise and stabilise the state's monetary system. When Denmark-Norway allied with France in 1807, the Treaty of Fontainebleau was signed between France and Denmark-Norway. Denmark-Norway was promised favourable loans and subsidies that would cover financial costs of wartime readying. However, the terms of the treaty were not upheld and it was Denmark-Norway who covered the cost of the French push in Denmark in 1808. Adding to this, the promise of troops and equipment to Napoleon throughout the war only furthered the costs Denmark-Norway were to bear. Treaty of Kiel, 1814 The Treaty of Kiel was a 14 article document signed in January 1814 between Denmark-Norway, Sweden and the United Kingdom, ending the Napoleonic wars. Sweden and the United Kingdom, under the sixth coalition were united in battle against Denmark and Norway who was allied with France. Denmark, due to its defeat in the war and the ensuing Treaty of Kiel, were obligated to cede Heligoland to the United Kingdom. King Frederik VI Denmark's rule of the Kingdom of Norway was relinquished to King Charles XIII of Sweden, a great disappointment to King Frederik VI. Under Article III, Denmark were able to get ruling geographical claims on Greenland, Iceland and the Faroe Islands. The culmination of significant land claim losses, the dissolution of the union with Norway, and the humiliation of defeat to the United Kingdom and its allies, had severe economic and social impacts on Denmark. Causes of bankruptcy Internal The cost of wartime efforts had a major effect on the Danish economy.