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In the most recent version of the game the event will never actually fire if the UK is AI. The requirements are for the UK to have nationalism and imperialism and to not be at war, so you could switch to the UK and fire it for them and then switch back, once the UK has nationalism and imperialism (which can be surprisingly late in the game).
 
Yes, it is currently bugged due to the implementation of an adjustment made after AHD came out. It's been reported and logged.

http://forum.paradoxplaza.com/forum...ease-Ionian-Islands-decision-bugged-(I-think)

The UK needs N&I and to not be at war to be able to take the decision at all, and it is intended that the AI take the decision if it is after April 1864 and their relations with Greece are more than 0. However, right now it always returns 'no' for the AI. If you meet the criteria above, you can be guilt free to switch to the UK and take it for them before switching back.
 
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In the most recent version of the game the event will never actually fire if the UK is AI. The requirements are for the UK to have nationalism and imperialism and to not be at war, so you could switch to the UK and fire it for them and then switch back, once the UK has nationalism and imperialism (which can be surprisingly late in the game).

Many nations research Nationalism and Imperialism very late in AHD, for the same reason Austria takes the Austro Hungarian compromise very late into the game as it also requires that tech.