Downfall
The virtual end of mining on Nauru paired with running budget deficits made it very difficult for Nauru to pay its debts. International creditors were not receiving payments, then seizing rights to Nauru's entire real estate portfolio, and even seizing the sole aircraft of Air Nauru.
Read more about this topic: Nauru Phosphate Royalties Trust
Famous quotes containing the word downfall:
“Children demand that their heroes should be fleckless, and easily believe them so: perhaps a first discovery to the contrary is less revolutionary shock to a passionate child than the threatened downfall of habitual beliefs which makes the world seem to totter for us in maturer life.”
—George Eliot [Mary Ann (or Marian)
“Show me one thing here on earth which has begun well and not ended badly. The proudest palpitations are engulfed in a sewer, where they cease throbbing, as though having reached their natural term: this downfall constitutes the heart’s drama and the negative meaning of history.”
—E.M. Cioran (b. 1911)