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The loans were guaranteed by future tax receipts, but when the administration began to default on its loans these guarantees proved all but worthless.
After Landsbanki collapsed and its guarantees proved worthless, the British and Dutch governments had to use their own taxpayer funds to compensate ordinary savers, triggering a rancorous four-year legal dispute.
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If new plants built with government guarantees prove to be a commercial success, the program costs taxpayers nothing; if they prove too expensive to finish or are completed but cannot earn enough to repay the loans, the taxpayer is on the hook.
When the crash came, however, Iceland's deposit guarantee proved worthless, forcing the UK and the Netherlands to use their own taxpayer funds to compensate ordinary savers and sparking a poisonous diplomatic row.
Agranov's guarantee proved to be meaningless.
First, it is compositional: the security guarantees are proved by combining the independent proofs for the three subprotocols of each protocol.
For many investors, the 20% guaranteed returns proved illusory.
The supporters' trust, which had taken ownership of Notts County after another previous episode of financial crisis, had signed the club over to Munto on the basis of an apparent bank guarantee, which proved worthless, and promised pots of non-existent cash.
In securing a conditional $900 million federal loan guarantee, US Airways proved that its chief executive, David Siegel David Siegel, is a master salesman.
Close inspection of the packaging revealed that many were counterfeit: In almost half of the samples, the small hologram Guilin uses to guarantee authenticity proved to be a fake.
The derivation of the ssLNA leads us to a fundamental conclusion: although the existence of an effective CME for a coarse-grained network under conditions of timescale separation cannot be generally guaranteed (as proved by Janssen), it is always possible to write down a effective linear FPE for the coarse-grained network.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com