>While that may be good news for Argentina, for the broader emerging bond
>market, it could prove much less cheerful. The consequences of a default are
>so punishing that few investors think Argentina's experience of spiraling
>unemployment, rising crime and political unrest will encourage other
>countries to suspend interest payments.
Those bad things didn't come from the default - they came from the economic collapse that happened when the old neoliberal model fell apart. Suspending debt payments has contributed to a 9% GDP growth rate last year.
Doug