GBP/EUR has reached levels not seen since October 2008

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Again it was the euro at the bottom of the heap, this time for a third successive week. On Monday morning it touched a two-year low against the US dollar, a 3 1/2-year low against the pound and a 12-year low against the yen.

There was no freshly devastating news weighing the euro down, just the ongoing drip-feed of despair. On Friday the local authority in Valencia said it would need financial help from the central government. Two days later Murcia said it could do with some assistance and Catalonia is thought to be lining up for aid.

Spain is now having to pay through the nose to borrow money; well over 7% for ten-year loans. Unless the EU and the European Central Bank can come up with a way to re-establish investors' confidence in the country it looks increasingly likely that Spain will need a full-scale bailout. This continued uncertainty in the Eurozone makes now an ideal time to consider international currency transfers.

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GBP/EUR has reached levels not seen since October 2008

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