Can Nauru Stay Afloat?

Its a grand view from the 51st floor of Nauru House in central Melbourne, but its unlikely the President of Nauru is enjoying it. Since he flew out of the 21-sq.-km island on April 23, Rene Harris has been closeted in his suite here trying to solve a financial mess. Phosphate exports once made Nauruans among the worlds richest people, but those days are long gone. Its unknown how much remains in the phosphate royalties trust that once sustained many of Naurus 12,000 people, and last month, seeking to recover about $A240 million owed to Americas GE Capital, receivers PPB moved...

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