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Erdogan Takes More Control in Turkey as PM Steps Down
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Turkish President Recep Tayyip Erdogan gave investors a taste of just how quickly local politics can undo their investment strategies.
In four days this week, bonds wiped out almost all of the gains achieved last month as markets reacted to a row between Turkey’s two most senior politicians that culminated in Prime Minister Ahmet Davutoglu stepping down. Stocks fell to an eight-week low on Thursday, while the lira clawed back some of its losses after the steepest drop since 2008.