While no one has ever written or talks about it countries that lessen their pensions that are taken from taxes that the workers pay are in a technical default. Those counties that pay their bond holders first, broke an implied contract with their workers. If you pay your taxes we will give you x amount per month when you retire not the lesser amount y. Even though bond holders might be paid in full counties that lessen their pensions are in default.
The US is even worse, the pensioners better know as Social Security recipients paid a. dedicated tax for expected payment of Social Security (pension) which actually bought bonds.
Retirement age when I started working was 65, when I retired it was 66, and now there's talk of changing the formula for cost of living adjustments, I may not be the brightest guy in the room, but I know when a implied contract isn't being payed, and yes the US is in default to its Social Security recipients and even it's present ones.
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