It's a nice thought, but economically speaking, even if massively adopted, BTC couldn't save a country from bankruptcy. A currency that they cannot control wouldn't become the primary currency of a failing economy
Exactly,a country's falling economy has certain conditions,say political instability or due to ongoing conflicts.Adoption of decentralized currency wouldn't do any good
Right. If the country can not manage their own currency, converting it to bitcoin will not magically solve their problems.
The county needs live within its mean and pay off their external and internal debt. Produce something the rest of the world want.