This isn't debt, it is inflation. They didn't print CHF in order to buy government bonds (like the Fed does); they printed CHF in order to buy EUR and maintain the peg.

Since this week the ECB is expected to start some major printing, the SNB was worried that the value of their EUR holdings would plummet (which it did anyway - by about 25%), so they decided to stop digging themselves even deeper in the hole.

What it probably means is the beginning of the collapse of the euro and maybe of the EU. Sucks, really, since much of my wealth is tied up in euro-denominated assets. Not all, of course, but it will still hurt me badly.