Despite the deal, Greece is still at the mercy of its European neighbors. On receiving Greece's list of proposed reform measures on Monday, its international creditors will either give the green or red light to the bailout extension—and, crucially, whether the reforms are enough to warrant releasing more financial aid to Greece.
The latest agreement also poses a challenge for Tsipras, who rose to prominence as the leader of the anti-austerity party for his no-nonsense, anti-bailout rhetoric. It garnered him support from many Greeks fed up with austerity measures that were a condition of the country's 240 billion euro ($272 billion) bailout, and saw the party win a snap election in January.
However, although Tsipras has only been in power a month, analysts are questioning whether Friday's deal—and notably, Greece's request for an extension after previously shunning the notion—will come back to haunt the prime minister, threatening his credibility as a leader.
Sotirios Zartaloudis, a lecturer in politics at the University of Birmingham, said in a blog post following the deal that Greece's new government was "threatened by its own populist agenda vis-a-vis its Western partners and its voters."
"Its fate will be the benchmark for other populist anti-systemic parties throughout Europe," he wrote Friday.
Far left members of Syriza have also accused their party of abandoning previous election pledges to scrap the country's bailout.
Manolis Glezos, a Syriza member of the European Parliament and veteran left-wing politician, apologized for his party's move to placate its lenders.
"I apologize to the Greek people because I took part in this illusion," he wrote in a blog. "Syriza's members, friends and supporters ... should decide if they accept this situation."
Although sources within the party were quoted by various media outlets as saying that, most probably Glezos is not well informed about the tough negotiations.
Wolfango Piccoli, managing director of risk consultancy at Teneo Intelligence, warned that the negotiation process had secured Greece only two concessions: a lower primary surplus for 2015 and the acknowledgment that the program will be amended so as to give Athens a greater say on reform proposals. He added that Tsipras' standing had been "negatively affected" by the talks.
"The agreement allows both sides to save face but also sets the stage for even tenser negotiations over the country's financial future and for a possible backlash in Greece," he said in a note Sunday. "The list of reforms to be presented on Monday will be an important factor determining whether Syriza is able to convince its own MPs and voters."
—CNBC's Nefeli Agkyridou and Matt Clinch contributed reporting to this story.