(Bloomberg) -- Greek Prime Minister Alexis Tsipras won four more months to sell his policy program to creditors while keeping his party at home on board, as euro-area finance chiefs deferred a showdown over the nation’s future in the currency bloc.

Greek stocks and bonds surged on Tuesday as finance ministers approved a bailout extension after the government pledged to revamp tax collection, consolidate pension funds and maintain sales of state-owned assets. The accord paves the way for the European Central Bank to continue support of Greek banks, while buying time for the euro area’s most indebted state to convince creditor institutions it will deliver.

“Cease-fire, but no peace agreement,” Carsten Brzeski, chief economist at ING Diba in Frankfurt, said of the deal in an e-mail. “The general question of how to solve the unsustainability of Greek debt has been postponed, not solved.”

As part of Tuesday’s decision, the European Commission, the ECB and the International Monetary Fund all signaled their support for Greece’s commitments. IMF Managing Director Christine Lagarde and ECB President Mario Draghi both warned that the Greek measures still need to be scrutinized.

David Fuller's view

Good luck to Greece but this is a daunting challenge.  Euro region finance chiefs have kept the door open, in the interests of solidarity, while also establishing a high benchmark for any other country that runs into similar troubles.