Not really, you can find plenty of decent Italian and Portuguese wines for that price. To take the first example I found, the 2014 Quinta de Cabriz is 46th in the world top 100 of the Wine Spectator and costs $5 in Portugal, and less than $7 in the US.

The last wine I drank was a Montepulciano d'Abruzzo; I can't remember the specific winemaker, but it was quite nice and was less than $9, despite being bought in another European country.