Not necessarily.
Greece can declare itself free of the EU, eliminate taxes on business except for sales tax, eliminate taxes on pensions, and open the door to anyone with an American passport to emigrate to Greece and enjoy FREEDOM.
How many Americans would empty their retirement accounts to buy a home there, sit back soaking up the sun and ouzo, whilst having their Social Security check direct deposited into a Greek bank?
- Lots of wealthy Europeans already do that. More so in Spain and France, but plenty in Greece.
- Greece isn’t that cheap.
- Greece is most unlikely to pass any law priveleging Americans. We are their favorite bogeymen.
- One can always hope for any given country waking up to economic reality, and adopting rational economics, but unfortunately it is quite rare. When rent-seeking has triumphed as completely as in some European countries it is extremely difficult to reform.