In Emerging Turmoil, What Links Argentina and Turkey?

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Who’s next? The fear of contagion is stalking emerging markets again, but Argentina and Turkey have put themselves in the firing line while others have distanced themselves from it.

The shakeout in emerging markets sparked by the “taper tantrum” of 2013 put the spotlight on countries with relatively wide current-account deficits. The turmoil that has hit some vulnerable countries as U.S. rates have risen again has started with similar weak links, but times have changed: there are fewer immediately obvious follow-on targets.



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