I don't think a default is going to happen, though Turkiye will come under further economic strain for sure.
The largest foreign policy activity concerning this will likely be Turkish administration approaching more gulf countries for capital account funding by either SAFE (State administration of Foreign Exchange) deposits and/or currency swaps.
It is unlikely this will occur with any others (West, China, East Asia) given current geopolitical and economic climate (a long topic to get into)
Gulf countries on the other hand have ample reason to improve relations with Turkiye and/or extract more concessions and political capital (from say Erdogan admin) by doing so.
Their 5 largest sovereign wealth funds :
ADIA (UAE) ~ 700 billion USD
KIA (Kuwait) ~ 700 billion USD
PIF (KSA) ~ 580 billion USD
QIA (Qatar) ~ 450 billion USD
ICD (UAE) ~ 300 billion USD
Its unclear what state of leveraging these are all at with their own domestic and other commitments though....but just to give an idea of what I feel Turkiye will approach (given its now poor international credit rating) in greater capacity now past what it has dabbled so far with sukuk bonds and some currency swaps mostly with these same countries.
The drop in Turkish forex is starting to look very concerning (given its trade, investment and GDP denominators):
Foreign Exchange Reserves in Turkey increased to 95010 USD Million in December 6 from 92820 USD Million in the previous week. This page provides the latest reported value for - Turkey Foreign Exchange Reserves - plus previous releases, historical high and low, short-term forecast and long-term...
tradingeconomics.com
Looking at bare minimum ratios that other developing countries under financial stress have had recently or in the past..... TR will want to stabilise at least above 50 billion given its imports are ~300 billion a year and more importantly with the CAD trend where it is:
Turkey Current Account recorded a surplus of 4.3 USD bn in Aug 2024, compared with a surplus of 778.0 USD mn in the previous month.
www.ceicdata.com
i.e it will need about 50 - 100 billion injection (depending on current account performance this year compared to 2022) on capital side this year to handle both this and the capital account debt repayments given what its burning through on both current account side and domestic fiscal side.
This is a malady that has been allowed to get to this stage...by reasons long discussed in this thread.