To make it clear: the disadvantages outweigh the advantages of that sweet-seeming but poisoned temptation. –  The defaulted sovereign will lose access to international capital markets as a consequence of the ultimate loss of credibility. –  The assumption that a sovereign default would abolish the need for austerity measures is misleading.
At least countries with a primary deficit – the rather normal case for a country in financial distress – will still have to consolidate its budget. –  Strong repercussions on national income are to be expected due to the negative wealth effects, capital outflows and trade disruption.