Hey! It is a collateral damage of the ECB, not the Swiss National Bank! (And upstream of the crack of 2008).
And beware, they lost down but could have won even if the Euro was up!
But you must be bastard to offer mortgage loans in a currency stronger and more stable than the currency of the contract country. And crazy to accept what is presented as a benefit (but for creditors only ...) while for debtors, nothing like burning! Moreover the case could be in other configurations for these! If we admitted that the SNB had never set a floor rate, the current collapse of the euro would have had the same effects for them! On the other hand, if the euro was up to 1,60 CHF for 1 euro (as was the case before 2008) and well these people would have finished paying their house at -37,5% than the expected rate (they played, they lost ?)
But then if there are unscrupulous brokers who did that, it has nothing to do with the SNB's decision, since it only anticipated a decision (which was just then ten days later) to run the printing press to buy eurozone debt. Switzerland, a tiny country with a very small money supply compared to the euro zone, could have imploded economically. The last month of 2014, Switzerland had spent 100 billion euros to maintain a floor rate and support the economy to promote exports. Knowing that the euro area intends to inject 100 billion euros per month ° _O
it would have doubled the bet. So it was either the felling of the cards, or continue the bluffing! And the pot was not in favor of the ECB, the market punished the euro by putting it on the carpet!
Today the European press praises Mario Draghi (formerly of G&S) of "super-indebted-Europe", without asking the question whether he had not warned his former employers! (But we knew that as soon as it was chosen, we had already talked about it here!)
http://tempsreel.nouvelobs.com/economie ... bords.html
Nor how will Europe repay! I dare not even think of the following, the debt will have to end up paying for it ...
So much has been said about the reckless - and even captives by their own blunder - who have lost on the exchange rates, but not those who have won!