A radical proposal for the NHS will see PCTs in London work together in a bid to wipe out millions of pounds worth of debt.
The agreement between the capital's PCTs has been hailed as "groundbreaking" by NHS London, which said the plan would see the "historic NHS debt across the capital wiped out".
The decision whether to implement the cash bail-out plan for debt-ridden hospitals will be made by London's 31 PCTs at board meetings running from December 8 to 19.
NHS London says that figures show the capital's health debt will reach £579 million by 2011 unless action is taken.
The book-balancing plan would see PCTs invest part of their money in a joint fund over the next two years to provide £275 million.
They will also relinquish a surplus NHS London funding pot of £304 million to make up the difference and clear the debts of ailing trusts.
London's PCTs are being led through the proposal by Ann Radmore, chief executive of Wandsworth Teaching PCT, who said: "By working together, a level playing field can be secured for health services across the capital."
Paul Baumann, finance director at NHS London, added: "By taking this action PCTs will have much greater leverage to demand better performance from their providers."