Turkish markets are “really under the gun” according to one debt manager
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The attempted coup in Turkey to oust Recep Tayyip Erdogan adds fresh urgency to concerns about the political stability, economy and currency of the country at a time when international investors had only recently begun to reconsider emerging market assets.As chaotic scenes on the streets of Istanbul and Ankara were broadcast around the world on Friday the lira dropped 4.5 per cent against the US dollar – its biggest one-day fall since 2008 – a threat to a country that must regularly attract foreign capital to sustain spending on imports.In New York late on Friday, the ishares MSCI Turkey exchange traded fund closed down 2.5 per cent after dropping as much as 4.1 per cent.
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