The rapid collapse of the Turkish lira in recent months — down 42% against the U.S. dollar since May — and other big problems in Turkey are raising fears that the country’s financial troubles could spread to Europe and beyond. Some even worry that Turkey could be the flash point for a new global financial crisis. This is a result of the shaky status of many European banks invested in that country, particularly from Italy and Spain, which could drag other banks into financial trouble. But talk of such risks is overblown, some analysts argue, largely because enough outside parties could offer the support needed to avoid large-scale financial contagion. Nevertheless, investors worry that Turkey’s problems could be an early warning signal that similar difficulties are brewing in other emerging markets. Global exposure to lira-backed instruments is “generally minimal,” notes Philip Nichols , Wharton professor of legal studies and business ethics.…