I think default would absolutely be a total disaster for Pakistan. Other countries have come out the other end because their circumstances were different. European countries that defaulted in recent history, such as Portugal, Greece and Ireland, had a much more robust economy than Pakistan. Their level of industrialization, human development and education levels were far better and so were their international standing and relations with other wealthy nations. This was the reason for their relatively quick recovery. The same is true for Argentina to a lesser extant; their gdp per capita is 4 times that of Pakistan. However, they still have not been able to fully recover and still need IMF bailout from time to time.
