Analysts say the SNB has already bought $80bn of EMU bonds, enough to
cover half the budget deficits of Euroland over the last year. It has
been acting essentially as a conduit for capital flight from Italy to
Germany.
It has since branched out, allegedly into Aussies, Loonies (Canada),
Scandies, Won?, Real? but above all pounds. "There aren’t many places to
go in this ‘ugly contest’ if you don’t like the euro, dollar, or yen,"
said David Bloom, currency chief at HSBC.
--http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100022037/switzerland-and-britain-are-now-at-currency-war/
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