Shitholer defaults

Found a nice little graph that gives a little insight into how many times the shitholes have defaulted. And the same thing keeps happening over and over again. This is a from a paper on haircuts, but even with a haircut and large restructuring, these places still defaulted. And now with the large deluge of cheap money, like an Argentine 100 year bond at ridiculously low rates given how many times theyve defaulted over the last 100 years, that will just end up with more defaults