Argentina defaults!
Debt defaults are good for fiat currencies because bankruptcy is the cleansing mechanism of fractional reserve banking. In the case of sovereign debt there are different scenarios based upon whether the debt is in domestic or foreign currency. Argentina has shown that it will print any amount of pesos to pay off government and financial sector debts - denominated in pesos. The problem here is that it owes dollars and can't print them. The Federal Reserve can print dollars, and could bail out Argentina, just has it has done many stealth bailouts of foreign institutions since 2007/8.
tldr; if the Fed prints dollars to bail out Argentina then this is good for Bitcoin. Argentina defaulting shows this is not happening, so should be btc neutral.
http://www.aei-ideas.org/2014/07/the-fall-out-from-an-argentine-default/
"A default now would almost certainly trigger more capital flight from the country, which would severely impact the Argentine currency and cause inflation to ratchet up further. More serious yet, a default now would keep Argentina locked out of international capital markets for many years to come, which would severely constrain the country’s longer-run economic growth prospects."
