How the burning flamed out
Several attempts were made by the current and previous governments to burn senior bondholders to reduce the cost of bailing out the banking system, Kevin Cardiff will tell the banking inquiry this week.
But after initial hope that some of the huge sums of public money injected into the banks could be recouped, the bid petered out, in the face of strenuous resistance from key figures in Europe and the US.
The most serious attempt...
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