Referendum in Greece about the Bail out from the EU. Triumph or Failure of Democracy?

The announcement of this referendum was a shock to many. Some say that it is very foolish and that decisive and quick decisions are necessary to deal with the current European financial situation.

On the other hand, many people consider the first round of bail outs to be an affront to democracy (particularly those who are part of the occupy wall street movement). Many were justifiably upset that governments handed billions of dollars to irresponsible corporations with no public input.

The people of Greece deserve a say in what happens in their country. However, is the delay of the decision and the process of a referendum going to be better than decisive action by elected representatives?

What would have happened if countries held referendums about bailouts in 2008? would we have given away as much money, would government action been fast enough?

How far can we take the democratic process?

Is democracy itself, by making governments want to please their people, causing countries to live beyond their means?

I'm particularly interested in hearing from people living in Greece.

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