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He compared implicit state protection that prevented creditors from bankrupting Rusal to direct government bailouts for favored industries in the United States, like General Motors.
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France Telecom and Deutsche Telekom have mountains of debt and feeble share prices, but are protected by implicit state support.
And deposits enjoy an implicit state guarantee.
Zakayev now lives under British state protection.
All the banks benefited from an implicit state guarantee.
That is why they hope that Britain's monopolies commission will ignore the anti-competitive aspect of state ownership that is, an implicit state guarantee on loans as well as takeover protection and remember the complaint of a former Socialist prime minister, Mr Pierre Mauroy.
"The implicit state subsidy for banks needs to be removed," he said.
Banks benefit from an implicit state guarantee that lowers their cost of borrowing.
Banks capture these by being able to borrow cheaply, because of their implicit state guarantee.
Banks and foreign governments held buckets of their paper, too, in the belief it had implicit state backing.
As well as an implicit state guarantee, which allows them to fund themselves cheaply, they enjoy exemption from some taxes.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com