If you were to walk into a casino and bet using dodgy chips and then tried to cash them in, you would not expect the casino to exchange those chips for cash, but that is what the bank of england is doing in probably the world's most generous bail-out. In its biggest u-turn in its 300 year old history, the bank of England is allowing banks to exchange the banks' mortgage debts, which no-one wants to but, for government bonds, one of the most secure investments around.
BBC NEWS | Business | Bank to detail £50bn bonds plan
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