Swiss franc wins back its status as a safe haven

The Swiss franc is back to being a haven from market turmoil.

Once again, the currency is climbing when Greek bonds - the riskiest government debt in the developed world as measured by derivatives - fall and are weakening as the securities rise. Switzerland upended the relationship in January when it unexpectedly ditched its policy of keeping the franc weaker than 1.2 per euro, compromising its reputation for stability.

That dependability is re-establishing itself as traders become confident Switzerland won't risk damaging its status as one of the world's most benign economies by repeatedly surprising markets. It's happening not a minute too soon for investors who are seeking a safe place to park their cash as speculation increases that Greece's financial system is a few weeks away from running out of cash.