Swiss reject Irish government debt as valid collateral

The Swiss National Bank (SNB) will no longer accept Irish government debt, and that of several of the country's major lenders, in its repo operations. This is a significant adverse credit judgement. We look for others to follow and ultimately other weak countries will be added to the list. Some one will have to finance this stuff... just not the Swiss.

Evidently, the Swiss do not see their primary role as protecting the Irish government or selected Irish banks from the consequences of bad policy. 

"You just made the list, buddy" -  Francis, aka Pyscho, in the movie Stripes