Pace also said its costs had risen after it had built up its inventory ahead of schedule, causing a "higher than planned cash outflow".

BBC: Pace shares fall 40% on profit warning linked to Japan

In early November Alstom announced a euro421m cash outflow and said that this related largely to four contracts for which it had received substantial prepayments but which are now reaching completion and so draining cash from the business.

ECONOMIST: Alstom

Rather, both programs result in a net outflow of cash cash that could have otherwise been used for potentially profitable ventures.

FORBES: Should Cisco Really Be Paying Dividends?

That is a gamble, however: showing depositors that the cash is there if they want might encourage the outflow, not stanch it.

ECONOMIST: Greece and the euro