Eurozone finance ministers have formally approved a four-month extension of a financial rescue package for Greece. The new Syriza government in Athens sought the temporary deal as part of a bid to undo the austerity demands of its international bailout. In exchange, Greece committed to several reforms, including cracking down on corruption and tax evasion, and tightening public spending. European Commission Vice President Valdis Dombrovskis announced the deal’s approval.

Valdis Dombrovskis: “Basically, it was concluded that the reform program or list of reforms presented by new Greek government is sufficient enough to start or to be a good starting point for a successful completion of the program.”

The extension grants a temporary lifeline to Greece, but delays a longer-term standoff over its campaign pledge to reject the harshest austerity conditions imposed by creditors, which have caused massive unemployment and other hardships.