For those readers holding devalued sterling, all I can say is that this reflects the terrible damage done over the course of a decade by Gordon Brown:
His credit bubble: 120pc mortgages, and other lunacies. His fiscal bubble: a deficit of 3pc of GDP at the top of the cycle when Spain for example was in 2pc surplus, mostly wasted on unreformed public services.
Currencies can take the strain to reflect the utter idiocy of political leaders. That is the beauty of them. Unfortunately for Spain and Italy, they have a German currency. Not their own.