Once you understand that, you basically understand the entire financial industry. It has no memory. Hell, it barely even has any perception of the present.
If a country defaults, and tells the banks(who ever) to sod off, why cant it then funnel the money it was spending on servicing these debt(s) in to beefing up its own economy again? Could it not then become an attractive investment to those same banks it dumped on? Since all businesses care about is future money and profit, then surely the defaulting country is back in favour again, assuming it can deliver some sort of surplus or profit?
Its just a reset. The country blue screens, reboots and every one is happy again.