Staggering euro receives support from Switzerland

The euro system has recently experienced a massive devaluation of its currency. The sovereign debt crisis and undercapitalized banks are weighing heavily on the single currency. The support from Switzerland comes at just the right time to prevent a flight of capital to the safe haven of the franc. The Swiss National Bank reduced its key interest rate a few weeks ago and is now announcing further measures to facilitate lending. This should calm the euro-Swiss franc currency pair somewhat for the time being, until the next crisis hits the reeling euro currency.