File - In this Monday, June 8, 2015, file photo, Turkish liras, euros and U.S. dollars are stacked at a currency exchange office in Istanbul, Turkey. (AP Photo/Emrah Gurel)
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With political risk now exceeding South Africa and Brazil, investors should be wary of looking for bargains too early, according to Abbas Ameli-Renani of Amundi Asset Management.More than 100,000 people have been fired, suspended or detained since the nation declared a state of emergency in July. While Turkish 10-year bonds offer yields around six times their U.S. equivalents, political risk in the country is at its highest in 13 years, according to an index compiled by the Economist Intelligence Unit.As the currency, which weakened to a record 3.1741 per dollar, lost 1.5 percent by the close Friday, the stock market fell the most in the world, declining more than 3 percent to its lowest level since July. Both Moody's Investors Service and S&P assign junk status to Turkey's debt.
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