A monarchy can technically be a part of a democracy given some conditions, but it has traditionally been a part of a dictatorial government or dictatorship. In countries like Britain and Spain there is still a monarchy, but the monarchy is largely stripped of real power and simply retains ceremonial powers, therefore, the democracy is able to function as a democracy. Also there are some potential governmental arrangements whereby a "constitutional monarchy" could be constructed whereby some officials within a government can be elected even if there is a monarch in charge.
The Greek crisis started in 2009. The cause was weaknesses in Greeks economy. The Greek crisis lasted longer than the Great Depression. And it sill has not ended. Although Greece is reaching a milestone in one of the most ruinous financial crises to hit Europe.