The agreement between eurozone finance ministers and the International Monetary Fund reached early yesterday in Brussels has given Greece some breathing space and at the same time laid the foundations for solving the crucial issue of the country’s mammoth debt.

Also thanks to the government’s bargaining, Greece made some significant gains under extremely difficult circumstances. But the country is still facing an uphill challenge. Everything will depend on whether the coalition government will manage to accelerate the pace of structural reforms while kick-starting the anaemic economy.

There is simply no time for foot-dragging. Greek society is expected to have reached breaking point by early next year. For their part, Greece’s European peers will insist that the government fully meets its commitments and deadlines.

Prime Minister Antonis Samaras and government officials must roll up their sleeves. For there will be no more “last chances” for Greece.