It is not a big deal if Argentina defaults on its bonds because they were already paying a huge premium because everyone expects them to default on their bonds,

It is not a big deal if Argentina defaults on its bonds because they were already paying a huge premium because everyone expects them to default on their bonds, South Korean governments municipal to federal do not pay that premium because they are considered reliable - if there are doubts no one knows how to price their bonds - so they don't get bought. It has nothing to do with now vs then! If you want an example of now vs then go try to buy some cybersecurity insurance for data breaches or flood insurance.. in those circumstances things have legitimately changed!