The destruction wrought from default is much worse than the cost of battling hypothetical, follow-on lawsuits that Argentina argues could follow a court victory by the holdouts.

FORBES: Argentina Has the Power to Avoid Catastrophe

As then, today's plans pitch fears about the cost and alleged chaos of upheaval against hypothetical arguments for change.

ECONOMIST: Public-service reform

Even on this score, the plan that finally emerged from the Senate Finance Committee on October 13th looks incomplete (by 2019, 25m people are expected to remain uninsured), is likely to cost much more than has been claimed, and is paid for with hypothetical savings that are sure to be found wanting.

ECONOMIST: American health care