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It would have been disastrous for Nauru. If we had defaulted on one payment, we would have lost the phosphate industry.

Explaining why his Cabinet unanimously rejected a high-interest emergency loan that risked handing Nauru's remaining phosphate industry to a foreign creditor.

Marcus Stephen, Nauru

Source: Marcus Stephen, on Nauru Cabinet's rejection of the Getax phosphate loan proposal (2009-2010)

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