I say it again: do you believe that the ones already giving credit to the argentinean government, its institutions and companies do not know all these things you mention? If so, why do they give their money away? is it because they just simply want to loose it all?
Did you know that 6 years ago Embraer managed to give AA U$S 1500 million credit so it could purchase two dozens of its E-jets?
REPSOL got paid? No it did not. It just got bonuses (promises so to say) that quickly sold in the market. Of course "selling" means that someone is "buying". Are those buyers stupid? Do they care about CCC or selective default or Griesa? NO, my friend. They just go after the profit. And that is exactly what the actual situation of Argentina offers to them and quite a few other financial players.
By the way, have you learnt which banks created and act like "agents of payment" of the Argentinean Debts Re-structure Process of 2005 (re-opened in 2010)? Did you read about the final arrengement of last May with something like 15 european countries (including the UK)? For short: Argentina accepted that itīd pay almost U$S 10 billion through a period of 5 years (payments every six months), begging in July 2014. We may try to see what these governments have to say about "Argentinaīs Default" "or CCC".
Cheers!!
Christian