January 13th, 2012 
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Plans to make private sector investors help reduce Greece’s debts should be abandoned by leaders of the eurozone, according to European Central Bank policymaker Athanasios Orphanides. However, this push by Orphanides showed no sign of gaining any traction in Europe’s capitals on Friday.
Also the central bank governor of Cyprus, Orphanides said in a newspaper column that dropping plans for forcing losses on private sector holders of Greek debt would “help restore trust” in the eurozone and reduce the borrowing costs of other governments in the currency union.
“Reversing the Greek private sector involvement decision would also raise the financing costs on the Greek government, but by restoring trust in the euro zone it would reduce the financing costs of other euro zone governments,” Orphanides wrote in the Financial Times.
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