principle on domestic or international obligations. In Russia's case, it was able to pay back creditors within a few years, thanks to the rise of energy prices. Russia did not walk away from its creditors. READ MORE: Five most surprising things in debt deal Argentina was a much tougher case. When it stopped paying creditors in late 2001, it caused a great deal of pain for its citizens in 2002-2003. Its efforts to settle with creditors still bubble up in New York courts. No one can say Argentina has fully recovered its reputation in the international markets. Some bondholders simply refuse to take a portion of what they are owed and move on. They want their money back. Still its economy grew quickly within a few years of default. Does that mean that defaulting is not a terrible step ? After all, it means a country can get a handle on its obligations. The debts become more manageable and therefore the country becomes more creditworthy, Pettifor said. Then, however, the creditors pile in. READ MORE: Conservatives defiant in face of GOP troubles Nazi Germany defaulted in 1933. The new government was not going to honor the obligations of the previous leaders. We all know how that went. It was decades before some of the German debt was paid back in a token way. No eurozone country has unilaterally refused to pay its bills. The market made it impossible for the like of Ireland and