That means they cannot borrow any more money for a minimum of a few years (Argentina seemed to be able to come back fairly quickly after default), but it would go a long way toward balancing the governmentbudget.
Christian Noyer, the vice president of the European Central Bank, as well as figures from the mighty German Bundesbank, don't want any countries to use the euro until they have painfully satisfied all the Maastricht Treaty conditions, like balancing the governmentbudget, or at least coming reasonably close.
By telling U.S. taxpayers, and the world in general, that the U.S. government has no intention of ever balancing its budget or limiting its accumulation of unsustainable debt, then perhaps we can begin to have an honest discussion about our economic future.