This is why what Milei did in Argentina is so impressive. By balancing the budget and sticking to zero deficit he has not only made it cheaper to refinance existing loans, but increased his negotiating power with all lenders enormously. When you don't NEED a new loan because you are living within your means, you can negotiate from a position of strength.

You could even default on existing loans! As the biggest negative consequence of a default is that you won't get a new loan...