Cyprus faces a long, difficult path to rebuild its economy but a European bailout deal struck in the early morning hours of Monday offers the country the best chance of getting back on its feet, German Finance Minister Wolfgang Schaeuble said.
At a news conference in Berlin on Monday, Schaeuble said the agreement was "much better" from Germany's perspective than a deal struck last week which would have hit small depositors and was rejected by the Cypriot parliament.
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"(Cypriot President) Anastasiades came to understand that it was not just Germany and the IMF that wanted a bail-in, but also the others," Schaeuble said.
(Reporting by Noah Barkin)