A few months before introduction of the euro, the German then-finance minister Theo Waigel lectured Britain:"Do you want to be reduced to another Switzerland, on the periphery of the new Europe with a currency succumbing to speculation?" On January 4th 1999 the euro traded at CHF 1.6070; on August 1st 2011 it was down to CHF1.0950. Since then the Swiss National Bank (SNB) and the ECB have spent $1.6 billion to defend THE EURO. It took the Swiss Government's decision to fix the rate at CHF1.20, and its stated threat to use up to $800 billion to defend that benchmark.
Eat your words and shut the fuck up for all times, Theo!
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