Nauru stranded without a plane

The remote Pacific island state of Nauru had its sole plane seized today, virtually cutting off the island’s residents from the outside world.

The tiny island, whose people were once among the richest per capita in the world, had failed to make payments on the aircraft since 2002... The 7,500 residents of Nauru, a 21 square kilometre coral atoll, were once among the world’s wealthiest due to the export of phosphates, mostly from bird droppings. But the reserves are almost exhausted and with earlier wealth squandered through corruption and mismanagement, the country is virtually bankrupt.

The official Ex-Im press release. More coverage.