The conflict between Armenia and Azerbaijan in the disputed region of Nagorno-Karabakh has created yet another schism in Turkey’s relations with the US, the EU and Russia. It may only take a misstep in the conflict to trigger an escalation of geopolitical tensions , severe dislocation in Turkey’s financial markets and force the central bank into more aggressive monetary tightening. And it adds to the sense that Turkish foreign policy is another key area of risk.
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