It certainly doesn't end the risk that countries will default on dollar-denominated debt.

The country defaulted on its debts two years ago and owes $6.1 billion in past-due interest.

Many Latin American countries defaulted on their debt in the early 1980s.

The ministry dismissed the idea that the country would default on any debt.

Their country, Israeli officials say, has never defaulted on a loan and is not about to start now.

So many countries have defaulted on loans made to them by the US.

Local banks, fearing the country may default on its debt obligations, have frozen most new lending.

If all countries did this and defaulted it could bring the system to an end (and not before time)

Argentina's economy contracted by a staggering 11 percent last year, after the country defaulted on its public debt in December 2001.

On the other hand, advanced countries never default on their debt - but Argentina is being told that it must.