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WELLINGTON, New Zealand (RNZI, June 28) - Nauru’s debt crisis has worsened, with receivers moving to evict the government from its offices in Australia within two weeks.

The receivers for the Australian assets of the Nauru Phosphate Royalties Trust, the accountancy firm PPB, ordered the Nauru government to vacate the top three floors of Nauru House in Melbourne.

The order was driven by the United States-based General Electric Capital Corporation, which has moved to recover nearly US$500 million of debt.

Nauru’s former president Rene Harris was ousted in a parliamentary vote of no confidence last week, a day after he signed an agreement with the British financiers Babcock and Brown to refinance the debt.

June 29, 2004

Radio New Zealand International:

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