Currency Calculator

Use the currency calculator to calculate the rate of exchange.

GBP Flag

1 GBP = 1.14892 EUR

EUR Flag

1 EUR = 0.87001 GBP

Change Currencies Currency Providers

Guardian Business podcast: Debt crises causing investor panic

compare money transfer free transfer voucher

Guardian Business podcast: Debt crises causing investor panic

Global instability is seeing a "panic" in the markets as an economic slowdown creeps across the US and eurozone, according to Larry Elliott, the Guardian's economics editor.

Looking at the erratic international money transfers made by businesses looking for money safe havens, the expert said that the problems in the US concerning its debt ceiling and spiralling debts in Europe are shaking investor confidence.

"People were very nervous about whether there should have to be bailouts [in Spain and Italy]," he said on the Guardian Business podcast.

Investors have also been thrown into crisis by "the big argument in the US over the state of the US debt ceiling [and the] announcement by [Standard & Poor's] that they were going to downgrade America's debt."

Sukhdev Johal, a spokesman from Royal Holloway, agreed, saying that the current economic conditions are "remarkable".

"What you have got is the banks, who are responsible for offloading all of the debt on to governments and now the problem is the governments," he commented.

Mr Johal continued by stressing that the solution to the global economic slowdown would have to be a political move, however, he didn't expect anything drastic to happen between now and the end of summer.

Investors were recently advised to look at putting their money into GlaxoSmithKline and Johnson & Johnson, by the FT Money Show which branded them "very good value".

Brian Dennehy, managing director of Dennehy Weller & Co, said that the two companies were featured heavily in the portfolios of big funds such as M&G Global or Artemis.

Leave a comment

What's the press saying about our company?

Top 5 Foreign Exchange Companies