Vatican Runs Deficit Amid Global Economic Crisis

VATICAN CITY — The Vatican said Saturday it ran a deficit in 2008 as its finances and donations from across the world were hit by the global economic crisis.

The Vatican posted a budget deficit for a second straight year, though the figures improved strongly from 2007. The Holy See's 2008 deficit was around euro0.9 million ($1.28 million), compared with a loss of euro9.06 million a year earlier.

The financial report released Saturday by the Holy See's press office listed revenues of euro253.9 million and expenses for euro254.8 million.

Most of expenses went to support the activities of Pope Benedict XVI and the Holy See's offices, especially Vatican Radio and other media divisions, the report said.

It said the separate administration of the Vatican City state was particularly hit by the economic crisis. High costs to restore the Vatican's cultural treasures and ensure security left the tiny state with a euro15.3 million deficit, after closing 2007 with a euro6.7 million gain.

The Vatican said annual donations from churches worldwide, the so-called Peter's Pence, were down to almost $75.8 million from $79.8 million in 2007. Leading donors were faithful in the United States, Italy and Germany.

The pope uses the fund to help churches in poor countries and other charitable causes.

The Vatican has published the annual report since 1981, when Pope John Paul II ordered financial disclosure as part of his efforts to debunk the idea that the Vatican is rich.

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On the Net:

http://www.vatican.va

(This version CORRECTS UPDATES with details; corrects larger loss was in 2007, not last year.)

Comments

[richdibo]

How about a Vatican Walkathon?

Where are my sneakers?

[richdibo]

The US needs to diversify its portfolio. We already own AIG and GM. The religion business is very profitable. Maybe the Obama administration and arrange a bail-out in exchange for an equity position in the Vatican.

The first thing Obama would have to do is fire the pope.

[richdibo]

Was the financial statement issued by the Vatican in accordance with GAAP (Godly Accepted Accounting Principals)?

[dinglebe]

My advice to the Pope - get a job.

[richdibo]

Germany has a church tax - a tax withheld from wages.

There is also a church tax (Kirchensteuer), of 8% to 9% of the Einkommens­teuer/Lohn­steuer. But you are not required to pay the tax unless you wish to be officially affiliated with one of Germany's established churches; usually Catholic or Protestant (Evangelisch).

http://www.howtogermany.com/pages/germantaxes.html

Other European countries also have a church tax.
http://en.wikipedia.org/wiki/Church_tax

Go figure.

[richdibo]

Who audits the Vatican?

[richdibo]

I want to see the Vatican's balance sheet.

[bonum]

every Church is nothing more than a franchise outlet

tax the churches

[rosiebond007]

Not possible !!
They receive a revenue from EVERY CATHOLIC CHURCH - even those who are incredibly poor and underfunded .

Based on their waistline - I would suggest that they tighten their belts !!

[totalliberal]

Print up a few million more indulgences.

[mamacat]

They still sell Papal blessings at the Vatican. And, for a fee, one gets a private audience with God's Catholic representative on Earth. The indulgences may be gone, but they live on in spirit.

Perhaps if the Vatican used their income for the good of their parishoners, I would be more sympathetic. But, when they use their income to fight against birth control for poor people, they lose my interest in their financial balance sheet. Besides, they have hundreds of billions (if not trillions) of dollars in equity.

[Progressneeded]

Oh, how sad! Maybe they can sell some of the holdings they have amassed by exploiting the faith of the poor and downtrodden people around the world and buy the pope a new pair of designer shoes. Give me a break! Every Catholic church in my city is built like a mansion and sits on a prime piece of property. So someone please tell the Vatican to quit its whining.

[kjstjohn]

HPdevotee wrote: Aww, now we have it...I could never understand because it is a personal experience you had..ok..your personal life is none of my business. It is when you take these personal exper. into the public sphere and thwart human progress with nonsense that it then becomes my business..as religion is intent on doing ie, creationism vs. evolution.

__________­__________­_______

Yes, one's religion (or atheism) is a personal choice based on personal experience and I am 99% (but not 100%) sure you have not had my experiences. I do not question your atheism as an honest decision for your life. "To thine own self be true." It is the best that any of us can do.

But "religion" is not intent on subverting science. I spent my morning in Sunday school with a molecular biologist university professor and with an HIV epidemiologist who works for the CDC.

A huge percentage of American Christians believe in evolution, not creationism. In fact, they believe in everything that science teaches about every subject that is within the province of science.

[idontknowanything]

Amen. The more I learn about science, and the truth of its research, the stronger my faith in the divine becomes.

[kjstjohn]

HPdevotee wrote:
But others need to read religious books to understand their perspective?

__________­__________­______

When the question is what do Catholic missionaries do, I think it is good to read the answers that Catholic missionaries provide. If there is countervailing evidence, it is good to read that too.

Ghandi was very critical of the work of Catholic missionaries but the writings of Father Rohr--which speak of a change of course by Catholics--are contemporary.

[HPdevotee]

You've misunderstood my comment from our long previous conversation. It was more of a rhetorical response to your post. Hope this clears it up.

[richdibo]

I am very critical of the work of Gandhi.

But he was right about the Catholic missionaries - India needed birth control.

[helonias]

This idea about the universe did not sit well with the Catholic Church. They lured Giordano Bruno to Rome with the promise of a job, where he was immediately turned over to the Inquisition and charged with heresy.
Giordano Bruno spent the next eight years in chains in the Castel Sant’Angelo, where he was routinely tortured and interrogated until his trial. Despite this, he remained unrepentant, stating to his Catholic Church judge, Jesuit Cardinal Robert Bellarmine, "I neither ought to recant, nor will I." Even a death sentence handed down by the Catholic Church did not change his attitude as he defiantly told his accusers, "In pronouncing my sentence, your fear is greater than mine in hearing it."
Immediately after the death sentence was handed down, Giordano Bruno’s jaw was clamped shut with an iron gag, his tongue was pierced with an iron spike and another iron spike was driven into his palate. On February 19, 1600, he was driven through the streets of Rome, stripped of his clothes and burned at the stake.

[richdibo]

I am a big fan of Bruno. Thank you for this info. He was the Carl Sagan of the dark ages.

http://www.washingtonpost.com/wp-dyn/content/article/2008/08/07/AR2008080702384.html

[kjstjohn]

Hey, richdibo! I have not heard from you in a long time. Thanks for the link. I did not know anything about Bruno but I am inspired to learn about him. What a heroic person.

[OlongapoEd]

"I think it is very beautiful for the poor to accept their lot, to share it with the passion of Christ. I think the world is being much helped by the suffering of the poor people." Mother Theresa

[kjstjohn]

I know there are good people who disagree with me but I think that philosophy stinks.

[Khirad]

Thank goodness.