Stop spending money and balance your budget. You can't default in SimCountry, but you can become a better player. There are people here who can help you, and who would be willing.
The player's did vote to give player's options to transfer funds from their own cash account rather than accept a loan, but who knows when the Game Masters will implement this? In the meantime you can control loans to corps by using the Corp/manage/ profits and cash/ screen. At the bottom of the screen there's a place where you can raise the cash in each corp to some minimum level. I usally raise it to $12000M. Of course you have to have cash in your country or CEO account to do this.
I agree Leon, I get really frustrated with some aspects of this game. Still I keep playing in the hopes that one day we'll have enough playing gamesters (and real $) that the developers will spend some $ (real $) to make the game more playable.
hi leon, joined about a month ago, that annoyed me too. if you go to the dropdown menu, under corporations...select manage profit cash and debt. you can transfer funds to needy corporations to prevent them from borrowing...at 30%. the dumb people that sent you the loan will be paid back automatically on its term date. lol