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Monaco abandons man-made island plan
Monaco had similar designs. As the world's most densely populated country, it would have benefited from the added area. However, the nation's ruler, Prince Albert II, has announced that the current state of the global economy makes such a project inappropriate. Monaco's financial situation is not as dire as many other countries, but the Prince wants Monaco to focus on other infrastructure projects such as hospitals, housing developments, and a new yacht club.
Albert did not rule out restarting the man-made island project at a later date. But, for now, it will just be business as usual in Monaco.