Is there anything Greece could do in isolation?

An alternative plan would possibly involve an orderly restructuring a couple years from now after some political cleansing in Greece.

But there are other silver bullets, such as state asset sales, land sales (250 billion worth of land), huge reduction in military expenditures, etc.

The best thing for the country would be for the ministers to resign en masse. That would create the political will to get Greece on the right track. The protests would not be futile at all if they simply focused on one of the main messages of the protest: "Thieves, Thieves."

Other than Papandreou and the financial team, the entire party structure has to go, and one of the best signs visible today is that New Democracy kicked out Dora Bakoyannis or her supporters. This is the kind of bloodletting that Greece needs. Factions within the parties tearing at one another. (I am not criticizng Bakoyannis and I suspect that she'd be more resolute on some issues than those who kicked her out).

Force the ministers out, establish a unity gov't with totally new clean leaders, and start building jails for white-collar criminals.

If I were Greek, I wouldn't care what comes next. I would gladly accept austerity measures if the following was accomplished.

At this point not exactly (although there are academic opinions that some part of the left endorses - see final paragraphs).
I mean apart from protesting: The productive thing about protests is that although the government admitted that it can draw no "red lines" with the IMF, meaning its veto powers are limited, I sense (and this might be wishful thinking but there are indication that it is probably true), that massive protests and the threat of chaos in an EU member-state (as other EU-states are at the precipice of IMF peonage themselves) might temper IMF demands AND provide enough incentive for pushing the brunt of the measures a little bit more toward our oligarchs and corrupt elites, and a little less towards the peasants.

As Upstate NY said one could, for good measure, start with the military budget. Freeze all military purchases (at 2,3 billion Euros/year currently - that's after a recent 25% cut). Take a serious look into church and monastery wealth - tax it, hard, heck confiscate most of it. Chase large scale tax evasion seriously. Reform the tax system. Do something with the banks and with eschewing corporate taxes legally. A moratorium on small housing and consumer loan payments for those who lose their jobs would be nice. A confiscatory tax on anything over 100k Euros/year personal income... etc.

I should note that the IMF recipe is neoliberal economics writ large: a condemnation to a Latvia-style depression which, in the best case scenarios lead to some sort of rebound only under ideal global economic conditions. Otherwise a whole generation is screwed for life. I mean in 2014 the IMF's estimates is that Greek public debt would be at 150% of GDP, unemployment over 20% and most of the higher qualified working force will be working abroad. And then they say that the economy would rebound - from Vietnamese wages and rampant child malnutrition I guess.

In these circumstances, I note, destruction becomes enjoyable for its own sake for an ever widening part of the impoverished populace.

There is of course the opinion, that even if Greece rejected (or insisted in negotiating harder) the IMF bail-out, the consequences of its default would be such to the global monetary system (not to mention the european banking system) that some sort of less destructive solution would be necessarily offered. This might be true, but some of these same people insisted that Merkel was bluffing, that she couldn't risk destabilizing the euro for some local elections in Germany...
And there are those that reckon that a quick default/restructuring (some say within the euro, and some say after leaving the eurozone) would be the better option. Again there are those that say this because they think that debt restructuring is unavoidable even with the IMF/EU package (and say that restructuring/partially defaulting on 300 billion Euro now is better than restructuring/partially defaulting on 400 billion Euro in 2-3 years time - and Krugman seems to move toward this camp) and others who are saying that this (or even a total default) coupled with a return to the drachma (something that they acknowledge would be disastrous, but they claim less disastrous than the alternative) might offer a chance for some Argentine-style lightning recovery.

Me, I expect that the crisis spreading to Iberia and beyond, might change the rules of the game considerably. So I protest and I persevere, and I froth in anger at the injustice of measures which reward the most egregious villains in the Greek economic saga - the kleptocracy (...And I'm semi-seriously starting to check abroad for job opportunities)...

[I'll put up a diary soon, BTW, I know I will]

The road of excess leads to the palace of wisdom - William Blake