I don't think so, in either short- and long-term horizons.
Short-term, yeah Mario has Japan lined up, China in the background, but for how much and how long? And then who has the money to buy up the vaunted Euro phantombond once issued? And who would want it, even with German backing?
Then long-term, it is exactly as Nick Dewhurst said:
"The basic question is that a German has to increase working from 65 to 67, and that is to pay for Greeks retiring at 50. The 17th of June is the perfect opportunity to say either 'we’ll behave' or 'we’ll carry on cheating'." -- Nick Dewhirst
“Euro phantombond”
Great name!
Federalized European debt is necessary though. The alternative is a regression to the conditions that led to centuries of war on the continent.