To put it another way, the implicit value of the Spanish government's existing debts would be reduced.

BBC: Will Spain suffer an Irish bust?

Executives need to recognize the implicit business value of social programs and to encourage managers to develop innovative ways of measuring the business value of social change where possible and practical.

FORBES: Moving Beyond CSR: The Business of Social Change

As long as there are implicit government guarantees for financial institutions that are considered too big, too complex or too interconnected to fail, the value of those institutions' stocks increases with risk-taking.

CNN: Dimon's $23 million payday isn't the problem