[igravious]

This depends on three things, doesn't it?

1) The cost of living.

2) The distribution of wealth.

3) Social safety nets.

So, if Greece has a higher relative cost of living, if the distribution of wealth is relatively more unequal and if they have a relatively worse social welfare system then, yes, they'll face hardship.

A key news story for me from a few years back was how an elderly man lit himself on fire (or hung himself? committed suicide in public anyhow) in a central square in Athens as a direct result of the hardship brought about by austerity measures. And this, in an as you say demonstratively wealthy country. Sickening.