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Yes something similar has happened in Argentina as you mention, however perhaps you are not aware of the negative side, I would recommend you read FerFals blog-

• gnosis 15y ago
  But are these consequences of a default, or of other things going on in their society?
• nhaehnle 15y ago
  Oh, I am not saying that Argentina is in a perfectly happy situation. The huge problem in economics is that you cannot really do comparative studies, but how do you think Argentina would have developed if they hadn't let their currency float freely (and as a consequence defaulted on their government debt)? There is at least a clear correlation between defaulting and subsequent growth of the economy, and there is a very plausible theoretical reason (roughly outlined in my earlier post) that this connection is causal: defaulting and free-floating currency is what allowed Argentina to return to a path of growth. This does not mean that things will be perfect immediately or even 10 years later. It just means that - assuming responsible economic stewardship - the country can go back to fully realizing and growing its potential.