Don’t criticize the 1.20 Swiss franc cap, FinMin Schneider-Amman says. That will invite evil speculators…
The peg is absolutely essential to protect the Swiss economy, the minister says.
Speculators, he should know, are short Swiss francs, hoping that the SNB has their backs. Flight capital from places like Greece are what is pushing the Franc to test the cap, not specs…
There are literally 10s of billions of euros of stop-losses in EUR/CHF below the 1.2000 level. Look for fireworks should the Greek elections not produce a euro-friendly government.