I won't really ask how much wishful thinking latitude I get since your plan isn't exactly possible with the current German government, but:
I prefer strong arming large debt holders into accepting livable terms of repayment (like so long to the point where it's not particularly profitable to have held the debt but there's still remittance) with the threat of an ordered bankruptcy. The Greek government has a headache for a long time that won't punish its citizens like the current debacle has, the debt holders will get a middling sum for letting it fall apart this badly, and Western civilization doesn't implode or w/e.
Why this course of action? Because most of the debt holders are national governments at this point. (Only ~60 billion--lol only 60 billion--of Greece's debt is held privately. Its total debt is like 300 billion euros.)
I'd also like to see a whole lot of politicians, financial types, and others tried and put in jail but I'll settle for a gentle purging of Greece's political class to ensure it's difficult for something like this to ever happen again on their end.