+1. The vast majority of people commenting on these platforms are very very limited thinkers that just see the positive short term effect for them but not even try to think about the effect this has on the swiss exporting economy. Pretty sad.
There is no way the SNB could have sustained this currency peg in the long term: It's vital for a "kleine offene Volkswirtschaft" like Switzerland to maintain its independent currency. We've been held hostage by the adverse developments of the EUR currency for too long (a terrible construct from the beginning, by the way).
Three years ago, the SNB gave a lifeline to Swiss companies who rely on exports to the EU area. Those companies had enough time to prepare for the Day of Reckoning which came unto us today. I am aware that there might be a bloodbath ahead, but I don't think it's up to the SNB to make sure Swiss jobs in export industries are artificially kept alive. If at all, it's up to the politicians to protect those industries. They could either decide to subsidize those companies or to turn the employees into civil servants. In case the electorate doesn't like such measures thank god there will be elections this fall.