Don't know whether I can agree with that. Dishonesty until the end didn't save Lehman, Bear, Fannie & Freddie, Countrywide or Washington Mutual, among others from doom.
So, I don't know whether it would have in this instance either. In short, dishonesty can only last until there are no suckers left coming in or enough people start yelling fire. Honesty may be painful for a while, but at least you have a chance long-term.
Anyway, I'm sure you agree that the short term yield movements the last couple of days suggest that Greece blows up in a few months or so, maybe less.
I still maintain that the end result for Greece is default, with the other EU countries bailing out their banks involve.
It also didn't save Enron, or the Penn Central. Eventually the last shoe drops, you can't sell that worthless paper to the market (even with the cooked numbers) and then you have to reveal to the Board of Directors and shareholders or in this case the people what they have been doing with their trust.
Its no different then what Enron did and it should never be tolerated.
