German Chancellor Angela Merkel said has said she was “very pleased” with the outcome of the negotiations on a bailout for Cyprus that has averted bankruptcy for the crisis-ridden euro zone member state.

Merkel told reporters that the deal was right for Cyprus because it ensured that those who contributed to the crisis were required to pay towards its resolution.

German Finance Minister Wolfgang Schaeuble has aknowledged that Cyprus faces a long and difficult path to rebuild its economy, but claimed that the deal reached in Brussels offers the country the best chance of getting back on its feet.

He told a press conference in Berlin that President Anastasiades came to understand that it was not just Germany and the IMF that wanted a bail-in, but also the others.

Schaeuble had earlier sain in Brussels that the bailout would get a majority if parties wanted a vote in the Bundestag.