What value(s) have the Iraqi people "lost" due to defaulting on $115 Billion in European and Russian debt?
Just as stocks can go to zero net worth, so too can bonds and various loan notes. Thus, all debt is not always paid; hence, not all debt ends up being a future burden to the debtor(s).
Well, the Iraqi people did not loose anything on defaulting on the debt, but then again the US does not do that kind of financing. When the US sells securities, it is done on an open market auction where virtually anyone can buy the bonds/notes. If the bonds/notes are defaulted on, the holders could (and would) include US citizens, US banks, US companies, etc.