Britons seem to have an abiding faith in the existence of an implicit floor under house prices.

ECONOMIST: Houses and prices

France Telecom and Deutsche Telekom have mountains of debt and feeble share prices, but are protected by implicit state support.

ECONOMIST: European companies

The assumption is that revenues will keep pace with other consumer prices and that the cashflows will be secure because of implicit government backing.

ECONOMIST: The investment attractions of infrastructure