Swiss government moves to devalue Franc

Franc will be pegged to the euro

In a move that roiled European financial markets and stunned analysts, Switzerland announced plans to peg the value of the Swiss franc to the euro on Tuesday. The pledge spurred an immediate sell-off of the currency, which had climbed in recent months as investors sought safe haven amid turmoil in the EU and the U.S.

The Guardian


Looking for more?

Get the Best of Maclean's sent straight to your inbox. Sign up for news, commentary and analysis.