Printing money to pay a debt is defaulting in any sense that would be understood by a layman. The loan has technically been paid, but in a way that voided the point of requesting payment (transfer of value).
Again, the fact that it's not considered that way says more about the finance industry than it does about ordinary terms like cash.
Again, the fact that it's not considered that way says more about the finance industry than it does about ordinary terms like cash.