Some folks prefer going ultralight and using only rear panniers, or even none at all:

http://www.bikeforums.net/showthread...tralight-cycle

https://www.google.com/search?q=ultr...bikeforums.net

If your goal is to save 200E=261USD on gear, you should reconsider whether you have adequate funds for a tour. Touring costs upwards of $20 per day here in the USA, and I am sure it's more in Europe. 200E probably won't last more than a week.

If you're asking if you can get by loaded rear only, then yes, if you are willing to travel light with little gear, clothes and food. Note that lighter, more compact gear usually costs more, so your gear cost might offset the cost of a front rack and panniers. Also, if you are not carrying cooking gear and much food you are forced to eat from more expensive restaurants and venders, which also increases cost. It is counter-intuitive, but perhaps spending more money for front racks and panniers may actually save money overall.

With all the load on the rear, so you'll end up with a R:F weight distribution of perhaps 80:20 unless you pack very light. This tends to kill rear wheels and cause handling issues like shimmy. With no front rack/panniers you have no way to rearrange load in the event of handing problems or to manage an unforeseen extra load. You can build a super duper rear wheel to handle this load, but again this extra cost would perhaps pay for a front rack and panniers.

No matter how you do it you'll probably end up spending more than you wish, and carrying more than you wish.