The latest surge in the Swiss franc has turned the spotlight once again on Emerging Europe’s foreign currency debt problem. As it happens, only Hungary, Poland and Croatia have significant amounts of Swiss franc debt. But for these countries, particularly Hungary, the sharp rise in the local-currency value of Swiss franc debt is a real headache. What’s more, despite the best efforts of the Swiss National Bank to tame the franc, it is one that is unlikely to ease for some time.