(Bloomberg) -- Could a breakout for U.S. rates mean a breakdown for emerging markets? Maybe, according to Bloomberg Economics. Harvard professor Carmen Reinhart hit the headlines this week, arguing that higher external debt and more fragile politics -- among other factors -- made emerging markets more vulnerable today than in 2013 or on the eve of the global financial crisis in 2008. A look at 18 major emerging-market economies shows Turkey, Argentina and Peru standing out with the worst combination of weak governance and high external financing needs, with Brazil and Indonesia not far behind.
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