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The Papandreou government has so far managed the fiscal drama and the passing of structural reforms with resolve, under the watchful eye of the country's creditors and the markets.
Even if the new coalition government proves relatively short-lived, the passing of structural reforms and launch of strategic investments such as the E.U.-supported Helios solar project are now possible.
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But they are absolutely right to insist on the sort of structural reforms they themselves passed in the 1990s.
The way that he now tells it, the employment bill passed by the Senate will be the first in a stream of structural reforms, all of them due to be approved by a new deadline: April 2nd 2015.
Moscovici agreed that Europe does need "structural reforms", adding: We are not afraid of structural reforms in France.
"It has more to do with the lack of structural reforms".
Austerity is to be accompanied by the elixir of structural reforms to spur growth.
The implementation of structural reforms in several member countries has fallen short.
"In just one night an entire project of structural reforms, this whole narrative about changing the country — it all collapsed".
Despite the success of passing the structural reforms, this is a government that has faced serious deficiencies in achieving its immediate policy objectives (not least has been the anaemic state of GDP growth since Peña Nieto came to power), and has not shown signs that it is willing to change the decision-making environment in Mexico.
In theory, this judgment is independent of structural reform.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com