The trouble is, once money starts to flood out of Turkey and with currency devaluation, the raw material costs, which are mostly imported (oil, gas, metals etc) and denominated in $, costs will go up anyway. So devaluing the currency will not necessarily make Turkish made goods any cheaper. In fact, it can have the opposite effect.
Whichever way you look at it, Turkey will suffer massively. The only way out if Turkey is to be competitive globally, it to drastically cut costs. This means lower salaries, cuts in pensions etc etc.
As far as Cyprus is concerned, it is a very small country and it will not suffer as badly as the larger countries such as Greece and Spain. The short term pain will be great but in the medium term, things will improve greately. Iceland which has a population less than 1/2 million has mostly recovered from a collapse in its banking system, similar to what happened in Cyprus. Unfortunately, the bigger the country, the harder the fall. Look at Argentina for an example, and that is a country rich in natural resources.