Here is the full story (link 1) (link2) (link 3), (link4 and link4a), and then the result: (link 5)

Switzerland, like China, used to peg its currency to its major trading partner to avoid an appreciation. Today a Swiss stunner sends euro to 11-year low against buck. Of course it also (primarily) caused a crash of the euro. The end of the Swiss Central Bank Policy to peg the currency to the Euro, has consequences for the value of the euro against the dollar (the "Buck"). Why? 

 More Background material can be found here and here and the videos here and here 

In June the European Central Bank decided to induce negative interest rates as version I of quantitative easing in Euroland. 

By October 2014, the central bank began buying "covered bonds" which are bonds secured by a pool of loans, such as mortgages. November 2014 it started purchasing "asset-backed securities" injecting a total of about 7 billion Euro into the market (ECB Balance Sheet link). 

Why not buy government bonds outright to create a full fledged QE? It turns out that the treaties that founded the modern EU prohibit the ECB from financing governments (aka buying their bonds)! Germany’s Bundesbank, which is always paranoid about inflation (given the sore memories of German Hyperinflation a century ago) is outspoken against expanding the supply of money through government bond purchases. The Bundesbank argument is that aside from risking inflation, the moves reduce the incentives for governments to stop overspending and make their economies more competitive. But ECB president Draghi (who is Italian) suggested that the ECB could add as much as 1 trillion euros ($1.3 trillion) to its balance sheet!  A great review can be found here.

source 

Probably one of the most deep seated erronious  views is that if "I have to balance my checkbook, so does the country." Paul Krugman highlights that a country is not a company. 

The first few sentences are ominous:

College students who plan to go into business often major in economics, but few believe that they will end up using what they hear in the lecture hall. Those students understand a fundamental truth: What they learn in economics courses won’t help them run a business. The converse is also true: What people learn from running a business won’t help them formulate economic policy. A country is not a big corporation. The habits of mind that make a great business leader are not, in general, those that make a great economic analyst; an executive who has made $1 billion is rarely the right person to turn to for advice about a $6 trillion economy. 

Then there is a 2014 addendum that you can read in (here) 

A great visual by Infographics detailing Greeks Debt and The lenders to struggling European countries

Recessions, Deflations, and now the wheels are coming off the wagon in Greece:

The View From Greece: Debt Write Off or Euro Exit 

The German View  and it will be interesting to see how credible the German bluff is, since Euroland holds 85% of the Greek Debt…

First in Sept (WSJ) 2014, leading the WSJ to declare that King Dollar was about to reign, and interest rates reach lows not seen since the "Black Death" during King Edward III reign in 1346. The Zerohedge Blog chronicles what fraction of bonds is not "paying" negative returns