Argentina agreed to sell the bonds under the rules of American bonds, in order to try and gain confidence in investors. This means that the investors could (and have) taken the country to court to try to get payback. The specific rules of the bonds also means that almost all investors have to agree to a change in the bond; so Argentina can't pay back just a few and leave others hanging. In fact, Argentina tried to pay back some money to those they attempted to restructure with, but it was blocked by a NY judge. Also, an Argentine Ship was impounded in Ghana over this. Being a sovereign nation gives them certain rights, but when they agreed to play by America's rules in terms of these bonds they lost many of them.
From the article you linked;
A judge granted the injunction a few weeks ago and ordered that the ship be prevented from refueling until Argentina posts $20 million with the court, which would be used to repay NML Capital.
Clearly, as I stated, you can't force a sovereign state to pay back a debt. They didn't impound the ship, rather refused to allow it to refuel at that location. Nothing stopping it from getting refueled elsewhere and I don't see anywhere in the article that says the ship was "seized" or "impounded" other than in the title. Personally, I'd avoid that website altogether if they're going to be dropping bullshit click it titles like that.
Not only this, but in the other articles that were linked, the courts ruled in favor of the debt holders. HOWEVER, they leave the debt collection to them. Basically, that's like say, "Yeah, you're right. Go figure it out yourself". So, like I said, Good luck getting repaid.
Also, please stop using Iceland as an example. They're a micronation that experienced a period of very high inflation. They can't be compared to a nation of reasonable size.
Would you prefer I use the Asian crisis? Actually, it would be better suited, because pegs were also at the forefront of that as well. My point was, that debt restructuring isn't nearly as bad as it's made out to be(by that podcast at least) and certainly not when the market has already baked it into the cake.