i've been thinking along those same lines. if no country is ever allowed to default no matter what, even if it means strangling its own economy and impoverishing its citizens to avoid it, then why doesn't every government bond have a AAA rating? investors have no risk, only the pensioners and other citizens of the bet-upon country do. the system lets investors make bets on economies that they are 100% guaranteed to win, with all of the negative consequences falling on a random bunch of ordinary people who didn't agree to gamble anything.
