Two controversial departures of high-ranking technocrats in the space of three days, one in Ankara, the other in Mexico City, have served as reminders of the high-risk nature of investing in emerging markets.

The dead-of-night sacking last week by legally-dubious presidential decree of Murat Cetinkaya, governor of Turkey's central bank, was followed by the shock resignation of Carlos Urzúa, Mexico's finance minister, who slammed the door on his way out with complaints of cack-handed meddling by unqualified apparatchiks.

Markets were immediately roiled. The Turkish lira and Mexican peso fell more than 2 per cent against the US dollar and analysts

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