Europe

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Weakness in housing activity dragged the construction sector down in December.

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

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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.

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

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

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