How one of the world’s wealthiest countries became bankrupt | Foreign Correspondent archives
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Nauru was once one of the wealthiest countries in the world per capita but became one of the poorest after its phosphate reserves were depleted. In the late 1960s a sovereign wealth fund was set up to ensure a future income for the island once the phosphate royalties stopped rolling in, totalling over a billion dollars at its peak. However, the ...
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