Will This Move by Switzerland Set Off a European Financial Crisis?
What In The World Just Happened In Switzerland?
From the article: (Jan 15th)
Central banks lie. That is what they do. Not too long ago, the Swiss National Bank promised that it would defend the euro/Swiss franc currency peg with the “utmost determination”. But on Thursday, the central bank shocked the financial world by abruptly abandoning it.
Swiss Shocker Triggers Gigantic Losses For Banks, Hedge Funds And Currency Traders
From the article: (Jan 19th)
The absolutely stunning decision by the Swiss National Bank to decouple from the euro has triggered billions of dollars worth of losses all over the globe. Citigroup and Deutsche Bank both say that their losses were somewhere in the neighborhood of 150 million dollars, a major hedge fund that had 830 million dollars in assets at the end of December has been forced to shut down, and several major global currency trading firms have announced that they are now insolvent. And these are just the losses that we know about so far.