Desmond Tutu (right) shakes hands with Cris “Kesz” Valdez after awarding him with the Children’s Peace Prize.  (AFP/ANP, Ilvy Njiokiktjien)


Spain overhauled its banks for the fifth time in three years on Friday to secure up to 100 billion euros ($125 billion) in European aid for lenders crushed by bad loans from an extended property market crash.


FORTUNE — There is so much turmoil in Europe right now, it's hard to know where to focus.


Dominique Moisi, senior adviser at IFRI, the French Institute for International Relations.

French President Nicolas Sarkozy during a UMP presidential support meeting in Marseille, France on Feb. 19, 2012.  (Patrick Aventurier/Getty Images)

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