The Greek public breathed a collective heavy sigh of relief following the decisions made last week by the European Union and the European Central Bank, which have allayed fears of the country going bankrupt. However, the worst is yet to come. Unfortunately, the Socialist government wasted much precious time in several key areas after the general elections last October. If the prime minister really wants to avoid a deepening recession and curb spending in the public sector, he will have to make some bold decisions as soon as possible. These two goals cannot be served by those members of the government who are only interested in parading across our television screens and granting political favors to their friends and acquaintances. Prime Minister George Papandreou cannot waste any more time. He must put the right people in the right posts and make the necessary structural changes that will create incentives for investment in the country. Should Papandreou wait until autumn, it will be too late.