The Debt Restructuring Process

In 2001 there is this massive, like basically like the last 20th century communist revolution happens in Argentina. The result of this is that Argentina defaults on its debt and you know, they default on this debt. Singer singer looks at this and is like, oh shit, I'm just gonna buy all this debt that I know is junk and can't be repaid. And then I'm gonna go to the courts in the US and like just force Argentina to repay it. Now, this is not how debt is supposed to work, right? This is essentially what buying someone's debt is, right? Is if the person can't pay you back, you're supposed to, you're out of