How do you use democracy to bail out a failing economy?
You don't. First, you scope the problem. Then you apply the relevant tool to the problem domain.
The problem with Greece was not a "failing economy" (that is just the problem we have NOW).
No, the main problem back in the naughties was mainly Stupid Banks using Greek Bonds as reserves because Basel 2 rules sey that OECD-member government bonds are as good as cash - Ignoring that "the markit" was probably trying to tell them something about the quality of that assumption with Greek EUR-bonds yielding about 10% and German EUR-bonds were sitting at 3% -> Borrowing hugely in Germany at 3%, Investing in Greece for 10%, clearing 7% net without currency risk?
Profits without *any* risk?! Markets do work like this for very long!! And they didn't, Greek bonds tanked to 80% yield, blowing up bank reserves. Deservedly so.
*Then* the German "Ackermänner" got all prissy & moral over all that egg on their stupid faces and abused the EU to force all the debt of the retard banks (Greek and German) onto the wider economy - which is why we are stuck were we are now. Ready for Round Two, now with EFSF as damage multiplier, to *really* make the shit fly all over.
Since this is a Finance Problem, the proper tool would be Capitalism. The old principle that "stupid people eventually loose their shirt in the market" is particularly relevant here. That would have prevented the present mess AND cleaned out some of the very worst retard "investors", like Deutsche Bank.
Bankruptcy clears the debt overhang, making room for new growth. We don't have to "print more money", the cash flow is created from not having to pay useless debts. This worked for centuries, before the EU.
What the EU / ECB is doing with Greece and EFSF, is placing Democracy below the interests of Finance. If that is not crooked (and doomed to fail to boot), I don't know what is.
PS:
A country that controls it's own currency can indeed "vote to print more money". Of course there are consequences to this.
PSS:
What I do blame Greece for is that the Greek government did not seize the opportunity to bring down the full force of the law onto the Greek tax frauds - which is pretty much the entire Greek "elite" - and pushed to confiscate their offshore accounts. They didn't even "out" the bastards in the media; many of these crooks have German and Swiss accounts, the scandals could at least have been used as leverage against Germany for a better deal ... " ... aiding and abetting ... etcetera ...". The Greeks were totally disorganised and useless, presenting Zero threat to anyone, which is why they get raped!