Does the iPhone 5 have international capabilities?

I'm going to Europe next summer for two weeks and I'm in the market for a new phone. I have my heart set on the iPhone 5 but if it doesn't have international capabilities then it's out of the question. Also, give me any suggestions you have for what phone I should get if not the new iPhone.

The iPhone 5 is a world phone, same as the iPhone 4s. They can receive both GSM and CDMA frequencies, meaning you can use it on almost every mobile network in the world.

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