And before this latest coup attempt, I felt the situation had gotten out of control in that Erdogan was usurping political power. "Turkey's lira tumbled nearly 5 per cent against the dollar in late trading on Friday - its steepest one-day fall since the financial crisis in 2008. While the coup had been foiled quickly, this was far from the end for political risk. "Erdogan is a polarising figure whose Islamist-rooted ideology lies at odds with the secular principles of modern Turkey espoused by nationalists and others. "I hadn't expected a military coup, although they have had them in the past," said a prominent U.S. emerging market debt fund manager, declining to be named.

Source: Economic Times July 17, 2016 17:26 UTC