I saw a world bank econ quite concerned about what would happen if the market lost faith and didn't buy the lira debt. How much faith could there be in that financial system. Clearly faith has nothing to do with it or Turkey would have a financial default years ago. Now consider Orange County. One of the richest counties in the world, major tax base.
Orange county goes down over peanuts, and Turkey hums along with a quadrillion a week.
The difference is that a sovereign with its own currency spends first, then offers secs as interest rate support. However, users of someone else's money must fund first, in order to be able to spend. I don't recall saying that, or anything else about the investment function. Then let them keep their reserve account excess and not earn any interest. Or buy the paper of someone else who wants the govt debt.