Swiss National Bank defends the franc

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Swiss National Bank defends the franc

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The Swiss National Bank reasserted its commitment to holding down the value of the franc ahead of fears the election in Greece could drive another flood of money from the eurozone into the safe-haven franc.

The central bank said it was determined to defend a cap of 1.20 per euro.

In a statement the SNB fired out a warning saying it stands ready to take measures at any time, though it failed to give details of what those measures could be.