"Greece Crisis - Bailout - Is it worth?" - Greece May Survive, But the Bailout Won’t Help It Heal

This is in continuation of the Posting "Greece Crisis - Bailout - Is it worth?". In this posting there arised few questions whether this bailout will helpful? Whether Greece will survive? Interestingly, today i have read an article on Newsweek, which was publised on 10th May 2010 by Stefan Theil.

The last para of article is as follows: "Not talked about much, but at the heart of all this is the festering problem of Europe's banks. Unlike the U.S. and U.K., major Eurozone countries like France and Germany have to this day refused to subject their banks to stress tests, or provide for any kind of transparency about the true health of their financial sectors. According to the IMF, a larger share of bad assets is still hidden on the books of European banks than American or British ones. (Those bad debts are a source of embarassment to Europe's politicians, as they are likely concentrated in state-owned banks.) If France and Germany were more transparent about who owns which shaky government bonds, it would be far easier to calculate and prepare for the effects of, say, a Greek government bankruptcy, which unlike a banking crisis is a fairly straightforward problem for a financial system to resolve. Instead, because Europe still refuses to go public with the lingering problems of its banks, each impending crisis brings more uncertainty and the threat of systemic failure. Because politicians and regulators refuse to shed light on their banks, this crisis will likely linger"

You can read this full article here -
http://blog.newsweek.com/blogs/wealthofnations/archive/2010/05/10/greece-may-survive-but-the-bailout-won-t-help-it-heal.aspx