German Minister "Certain" Summit has Solved Crisis

German Finance Minister Wolfgang Schaeuble said agreements reached at an EU summit this week will solve the euro zone's debt crisis and that Germany needs a strong Europe, reports Reuters.

"I am certain that we will be able to handle the debt crisis in Europe with the agreed, far-reaching measures on institutional reform of the European currency union," Schaeuble wrote in a guest contribution for Focus magazine.

The only way the current structure is maintained is if the European Central Bank prints money to support PIIGS sovereign debt. Does this mean the ECB has really set up a back-door method of financing the EZ debt or is Schaeuble blowing hot air?