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DENIGOMODU, NAURU: (FILER) Photo dated 11 September, 2001 of squalid housing in the bankrupt island state of Nauru, the world's smallest republic, which is on the verge of total financial collapse while owing the American GE Capital Corporation around USD 170 million. Nauru, which has been devastated by phosphate strip mining, faces foreclosure by 05 May 2004 after failing to meet several other deadlines. AFP PHOTO/Torsten BLACKWOOD (Photo credit should read TORSTEN BLACKWOOD/AFP/Getty Images)

DENIGOMODU, NAURU:  (FILER) Photo dated 11 September, 2001 of squalid housing in the bankrupt island state of Nauru, the world's smallest republic, which is on the verge of total financial collapse while owing the American GE Capital Corporation around USD 170 million.  Nauru, which has been devastated by phosphate strip mining, faces foreclosure by 05 May 2004 after failing to meet several other deadlines.  AFP PHOTO/Torsten BLACKWOOD  (Photo credit should read TORSTEN BLACKWOOD/AFP/Getty Images)