That shows quite the misconception about what "money" actually is.
However, Argentina has runaway second order effects like inflation that must be dealt with, and we know that the only real way to deal with that is to depress the money supply. They will have to deal with the pain in order to repair the rest of the economy; it'll suck initially, but it'll improve outcomes everywhere else, and that should outweigh the effects of reduced government spending before too long.
The literal thing that happens is your country starts spending a greater and greater proportion of revenue servicing its debt (and eventually defaults), but this is less snappy to say.
[1] https://eh.net/encyclopedia/the-american-economy-during-worl...
There's no need to adhere to a particular economic theory (I'm not particularly familiar with MMT) to realize that, at societies scale, money isn't some kind of scarce commodity.
[0] Unless you believe in MMT
