Even the winners from the crisis are starting to suffer. The Swiss National Bank has set out to halt the franc's relentless appreciation by pledging to buy unlimited amounts of foreign currency.

After seeing the euro move close to one Swiss franc in August from 1.25 franc at the start of the year, the SNB has drawn a line in the sand at 1.20 franc. The euro zoomed 8.8% higher against the franc Tuesday, and the 1.20-franc level held.