Turkey trades +198 to U.S. Treasuries. Amazing! 5yr CDS trades inside of Russia and South America by significant amount.
With investment grade rating and ability to fund externally in hard currency they can support the current account deficit.
It does look like today people are playing Turkey over Russia as they look at slowing macros in commodity economies. Turkey clearly is greatest beneficiary of Russia’s loss on spot commodity prices, – iShares MSCI Turkey Investable Market Index Fund (NYSEARCA:TUR).