10 May 2004

Australian academic proposes sale of Nauru

3:27 pm on 10 May 2004

An Australian academic and former advisor to the Nauru government, Helen Hughes, says Nauruans could sell the entire country and its marine resources to solve the island's financial problems.

This comes as the country faces bankruptcy over the default of loans.

The assets are now in the hand of receivers while the Nauru government is considering two refinancing plans.

Professor Hughes says she questions whether the current talks will solve the problems of the Nauruan leaders.

"They could sell Nauru as a going concern, and I'm sure they could get some real money for it, for somebody to have the potential to exploit the marine resources, run it as a tourist resort etc. They are by no means destitute."

Professor Helen Hughes