But regardless - the scenario of yours is certainly debatable, except for the fact that we don't live in a vacuum.

My job isn't going to disappear to Greece (If you'd be so kind as to raise my salary by 40%), my job is going to disappear to China, Taiwan, maybe even Egypt or Malaysia.

Until that issue is solved we have to account for it.

We can't just all descend to the level of Greek productivity and then live happily ever after.

Of course you could then start the money printing presses again to tackle THAT problem - but in the process I would not only find myself at the same or lower standard of living than before (as inflation would eat up all those gains) - I also would lose a good part of whatever meager savings I might have in the bank. Thank you very much.