 Living at the time when the Ottoman Empire was in great financial distress and had declared bankruptcy, Zariphis was one of the Galata bankers that was involved in the Empire's debt raising.He was also involved in setting up Düyun-u Umumiye (Office of Public Debt) in 1881 that oversaw tax collection and debt payments of the Ottoman Empire.Zariphis also sponsored the foundation of Greek language schools, which were named Zariphia after schools