Greek Prime Minister Alexis Tsipras won four more months to sellhis policy program to creditors while keeping his party at home onboard, as euro-area finance chiefs deferred a showdown over thenation's future in the currency bloc.

Greek stocks and bonds surged on Tuesday as finance ministersapproved a bailout extension after the government pledged to revamptax collection, consolidate pension funds and maintain sales ofstate-owned assets. The accord paves the way for the EuropeanCentral Bank (ECB) to continue support of Greek banks, while buyingtime for the euro area's most indebted state to convince creditorinstitutions it will deliver.

“Ceasefire, but no peace agreement,” Carsten Brzeski, chiefeconomist at ING Diba in Frankfurt, said of the deal in an email.“The general question of how to solve the unsustainability of Greekdebt has been postponed, not solved.”

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