URGENT ¥¥¥ Merkel says 'very pleased' Cyprus deal prevented bankruptcy

German Chancellor Angela Merkel said on Monday that she was "very pleased" that a bailout agreement had been reached for Cyprus which has averted a financial meltdown.

"I am very pleased that a solution for Cyprus was successfully reached last night which meant that the country's insolvency was averted," she said in a statement released by the chancellery.