Why not default? The political economy of sovereign debt

Debt involves an obligation to repay the creditor, principal plus interest. But how does one oblige a sovereign state to honour its debt obligations? While creditors can bring defaulting private borrowers before a court and lay claim to their income and assets in order to compensate for default losses, sovereigns are not so easily summoned. In the absence of a supranational authority to enforce repayment of sovereign debt, and without legal means to seize a sovereign debtor's assets, why don't sovereign borrowers just repudiate their loans and default? Recognizing this hazard, historically creditors have attempted to enforce their claims using armed and...