The borrower is affected by currency turmoil and has its own problems to solve, but is still a safer prospect than numerous other EMs.

Emerging from the bailout does not mean automatically becoming a safe option, as the huge debt burden makes it vulnerable for years to come.

Analysts warn Italy will be a bigger shock to Europe than anything Turkey has to offer, as potential crises go.

The country is defying global uncertainty and market turmoil in the lead-up to elections in 2019, with the country in a stronger position now to withstand the prospect of BJP falling.

Latin American risk has fallen to its lowest in three years, according to Euromoney’s quarterly survey of economists and other experts, but individual countries are affected by local politics, protectionism and tightening global financial conditions to varying degrees.