SNB chairman confirms intervention in foreign exchange markets

Source: Reuters
© scanpix/AFP
The Switzerland's central bank confirmed they interfered in order to weaken the Swiss Franc's appreciation, as the Greek financial crisis worsens. The Greek default would most probably push massive capital flows into this safe-haven currency, therefore, the SNB maintained negative interest rates as well as penalties for keeping the Swissie in cash to prevent the rise of the "significantly overvalued" currency.
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