There is no doubting Irish premier Enda Kenny's sincerity when he tells voters that playing the debt game based on German rules has its reward. He believes, and is probably right, that the only way to reduce the colossal burden of toxic bank debts was to dance a pleasing jig for Berlin.

Those tight-fisted Germans might have extracted a high price for saving Dublin when the crash almost capsized the country, but three years of austerity later, the mood has changed and Germany has a more relaxed attitude to previously stiff interest payments.

Ireland will have the debt burden on two of its worst banks cut almost in half, saving €20bn over 10 years. More importantly, €3bn payments due this year and next will be halved and put off until 2038.

Kenny said: "What today shows is that the more Ireland is prepared to help itself, the more others will assist us along the difficult path we still have to travel."

Many people thought Ireland should follow Iceland and tell creditors where to go. That time has passed, but it should always be remembered that German savers and companies have invested heavily in Ireland and a resuscitated Irish economy is as good for them as for the Irish.

So it's difficult not to liken Germany to a Las Vegas casino owner who has found one of his best customers drunk and unable to pay his bar bill. Lots of coffee, a partial debt write-off and an extension of his credit line gets him gambling again.