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SNB Busted Twice In 1 Month: Swiss Franc "Corridor" Breached Following Greek Shocker

Over the weekend we reported, amazed, that not even a month after its hard Swiss Franc cap was breached in spectacular fashion when the EURCHF plunged from 1.20 to 0.80 in milliseconds, that the SNB would repeat its folly again, this time with a soft ceiling in the form of a EURCHF 1.05-1.10 "corridor."

We explicitly said what would happen next: "The SaS added that "defending the corridor would cost the SNB as much as CHF10 billion." Actually, if and when the Greek deposits outflow accelerates in coming weeks ahead of the Greek February 28 D-Day, it will cost far, far more." Of course, as everyone knows, exactly an hour ago, the ECB decided to explicitly accelerate said Greek deposit outflow by itself instituting a bank run after it unceremoniously pulled Greek govt debt as eligible collateral, in the process collapsing Greek bank liquidity.

And then we added:

"what's worse, there is no "utmost determination" language present anywhere, which means that the lower bound of the corridor will be promptly attacked at which point the story will be quietly retracted, only to reemerge in a few weeks with a "new" corridor suggestion, this one even lower for the EURCHF."

Sure enough, moments ago the latest attempt by the SNB to halt the surge of the CHF ended in flames, when following the ECB story, the EURCHF just tumbled well below 1.05, with barely a fight to keep it above the lower end of the corridor.

At this point, sadly, the SNB has lost all credibility and what happens next is EURCHF going back to parity if not much lower.