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How should Europe deal with financially troubled countries?

The countries can bail themselves by refunding their welfare taxes as incentives to employees that charter an “International Mutual Welfare Trust” (Trust) & save 10% of their disposable income in the Trust. Countries also refund the employers’ welfare taxes that match their employees’ savings. The welfare savings in the Trust & investing it in the private sector creates a growth economy allowing the financing of the economic crisis. What options would Portugal have? Can they get out of the EU, or devalue currency or increase productivity or reduce wages? What would you do and why?
Bail out is a dangerous thing. They will get high interest loans that they won't be able to payout, and later lenders will ask to privatize public service companies, national wealth like ice-lands, lakes, etc... In addition, crisis itself was orchestrated precisely so that this bailout and later privatization could happen. It was the work of big banks. [1]
[1] Economic crisis pending in Europe. How should Europe deal with finacially troubled countries like Portugal, Greece, Spain? Should Europe bail them out, what choices do they have?