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Kayhan Oze/AP

Fitch Ratings downgraded Turkey's sovereign debt to junk status Friday—the latest blow for an economy which was once a bright spot of the emerging world.

The strain of the Syrian civil war, and a government crackdown following last year's coup attempt, has sent the economy into a downward spiral. As the Turkish Lira depreciates against the dollar, more and more firms—many of whom have borrowed in U.S. currency—cannot make their debt payments, risking a financial crisis. This latest news will only make lenders more wary of lending to the country.

(function () { var attempt = 0, init = function(){ if (window.pym) { var pymParent = new pym.Parent("g-dollars-lira-01-box", "https://graphics.axios.com/2017-01-27-dollars-lira/dollars-lira-01.html", {}); } else if (attempt++ < 40) { setTimeout(init, 50); } }; init(); })();

Data: Money.net; Chart: Andrew Witherspoon / Axios

Why it matters: Turkey was traditionally one of America's most stalwart allies in the Middle East, but the relationship has frayed due to disagreements on how to bring an end to the civil war in Turkey, and over Turkish President Recep Tayyip Erdogan's increasing authoritarianism . A financial crisis can only bring more instability to a region that has confounded American policy makers.

Go deeper

CDC to cut guidance on quarantine period for coronavirus exposure

A health care worker oversees cars as people arrive to get tested for coronavirus at a testing site in Arlington, Virginia, on Tuesday. Photo: Olivier Douliery/AFP via Getty Images

The CDC will soon shorten its guidance for quarantine periods following exposure to COVID-19, AP reported Tuesday and Axios can confirm.

Why it matters: Quarantine helps prevent the spread of the coronavirus, which can occur before a person knows they're sick or if they're infected without feeling any symptoms. The current recommended period to stay home if exposed to the virus is 14 days. The CDC plans to amend this to 10 days or seven with a negative test, an official told Axios.

  • The CDC did not immediately respond to a request for comment.
1 hour ago - Health

CDC panel: COVID vaccines should go to health workers, long-term care residents first

Hospital staff work in the COVID-19 intensive care unit in Houston. Photo: Go Nakamura via Getty

Health-care workers and nursing home residents should be at the front of the line to get coronavirus vaccines in the United States once they’re cleared and available for public use, an independent CDC panel recommended in a 13-1 emergency vote on Tuesday, per CNBC.

Why it matters: Recent developments in COVID-19 vaccines have accelerated the timeline for distribution as vaccines developed by Pfizer and Moderna undergo the federal approval process. States are preparing to begin distributing as soon as two weeks from now.

Obama: Broad slogans like "defund the police" lose people

Snapchat.

Former President Barack Obama told Peter Hamby on the Snapchat original political show "Good Luck America" that "snappy" slogans such as "defund the police" can alienate people, making the statements less effective than intended.

What he's saying: "You lost a big audience the minute you say it, which makes it a lot less likely that you're actually going to get the changes you want done," Obama told Hamby in an interview that will air Wednesday morning at 6 a.m. EST on Snapchat.

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