Europeans have been selling their euros to buy Swiss francs for deposit in the Swiss banks. There are two reasons to put your money into Switzerland. The PIIGs citizens are losing trust in their banks, so keeping their money in a safe haven like Switzerland will preserve savings in case of a euro crash. Additionally, the PIIGs have been raising taxes to raise revenue, and Switzerland has always been a good place to avoid taxes.
The problem with this idea is that the trade is overbought. The Swiss have all of these euros and nothing to do with them. If the euro does crash, it will bring the Swiss National Bank and the Swiss franc down with it.
A lifeboat is only safe if isn’t overloaded.