The Seychelles Islands, the Indian Ocean archipelago off the African coast, filed for bankruptcy.
Long the playground of the rich and famous, the Seychelles' private and public debt total $800 million - the size of its whole economy. With a population of just 87,000 people, the Islands might now be the most indebted country on earth.
The country got into trouble due to decreased fishing and tourism revenue. Last year, the islands defaulted on a $230 million euro-dominated bond arranged through Lehman Brothers (before its collapse).
Friday, 27 March 2009
Seychelles: Tropical Paradise Files Bankruptcy
Posted on 22:51 by Unknown
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