Did you read craig's short comment? It talks about devaluation, not default. Now, it so happens that Argentina chose to pay just what it owed the IMF and effectively get out of "the world credit establishment" with a big, unpaid debt. Guess what? No Argentinean government could have set in motion state intervention/"stimuli" of any kind had most of its resources been devoted to pay an unbearable foreign debt. (Debt interests, in fact.) As you surely know, even though Argentina's debt is proportionally [2] smaller than the that of the US, the payback rates it gets are prohibitive, unlike America's 3%.
Just for clarity, what was your point? That Argentina would have been better off without default? Without devaluation? Both? Let me reiterate, there is nothing stupid about thinking otherwise...
[1] http://en.wikipedia.org/wiki/Argentine_peso#Peso_convertible...
[2] https://www.cia.gov/library/publications/the-world-factbook/...