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The EFSF, which is built on guarantees from member states, will be a weaker force if one of its biggest backers loses its triple-A standing.
Chief amongst their examples was that the one of the oldest data delivery systems, the U.S. Postal Service, charges customers differently based on guarantees and speeds of delivery, ranging from bulk mail to overnight.
"A challenge in the utility culture is precisely that it's built on guarantees.
Indeed, its construction appears a complete botch: it rests on guarantees from member states rather than hard up-front cash.
Spanish banks insist on guarantees; homeowners and their guarantors remain liable for the mortgage payments even if they hand back the keys of the property.
United then threatened legal action for Lazio's failure to pay its instalments and this time have insisted on guarantees from Real.
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Of course, this isn't a full-on guarantee.
In July 2007, Joe Houston, a junior college kicker from El Camino College, joined the team as a "preferred walk-on", guaranteed a non-scholarship spot on the team.
"We certainly don't want to make a living on guarantee games," Bleymaier said.
And banks, for the same reason, have cut back on guaranteeing retailers' payments to exporters.
Not long ago, he said, "they were sold on guaranteed returns of 6 or 7 percent because people were so fearful".
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