Swiss franc soars as euro peg scrapped

[Willem]

http://www.cnbc.com/id/102340182

EURCHF rate went from 1.2 to 1.01 in a single day (over 15% loss - which is massive in forex).

[Vasconcelos]

And the SMI was losing 12,58% last I checked..not good.

[Willem]

And the SMI was losing 12,58% last I checked..not good.

For the average Swiss who do not own stocks, this is actually good news. Especially those living close to the border regions.

EU nationals with Swiss credit are fucked though.

[Vasconcelos]

For the average Swiss who do not own stocks, this is actually good news. Especially those living close to the border regions.

EU nationals with Swiss credit are fucked though.

It's bad for the export sector and tourism, though. Not bad, terrible.

[Willem]

It's bad for the export sector and tourism, though. Not bad, terrible.

They will have to adjust their prices and let the free market sort itself out. That artificial peg via government intervention was not good either.

[Vasconcelos]

They will have to adjust their prices and let the free market sort itself out.

Yes of course, but that will inevitably mean losses for the economy at least in short term. Nick Hayek, Swatch's CEO, has labeled this a tsunami.

[Leliana]

A great decision of the independent Swiss people. I salute them!