Home » Vatican News » The Vatican blames market decline for $20 million deficit
The Vatican blames market decline for $20 million deficit
Tags
Related Posts
About the author
The Vatican posted a record loss of $19 million (15 million euros) in 2011, its worst deficit in more than a decade.
Vatican officials blamed the loss on the “negative trend of global financial markets, which made it impossible to achieve the goals laid down in the budget,” in an announcement on Thursday (July 5).
The Holy See’s budget benefited from a $61 million (49 million euros) contribution from the Institute for the Works of Religion, the Vatican Bank. But this was offset by growing expenses, especially for personnel and for the Vatican media network, which includes Vatican Radio and the semiofficial newspaper L’Osservatore Romano. Vatican media operations registered a loss of $22 million.
Despite the Holy See’s negative results, the Vatican City State, which is a separate administration, posted a $27 million surplus last year. The budget of the world’s smallest state was boosted by booming revenues at the Vatican Museums, which jumped to $112 million last year from $101 million in 2010. In total, more than five million people visited the Sistine Chapel and the museums’ other masterpieces in 2011. [more]
SOURCE
Leave a Comment
Photo Archive
-
May 21, 2013 1:32
Church Whistle-Blowers Join Forces on Abuse
-
May 20, 2013 5:17
Maine Catholic church closing its doors
-
May 20, 2013 5:14
Muslim leaders in US facing challenges inside and outside the faith
-
May 17, 2013 5:43
Archbishop clarifies remarks about Cuomo
-
May 17, 2013 5:40
Fr. Gary Meier goes public with clergy experience
-
May 17, 2013 5:37
Predator priests paid to pray for unsuspecting families
-
May 16, 2013 1:56
Cleanup of Bridgeport, Conn., diocese begins in earnest
-
May 16, 2013 1:38
Archbishop Presses Cuomo Over Abortion
-
May 16, 2013 1:26
Deal reached in Catholic lawsuit
-
May 16, 2013 1:13
N.Y. matriarch moves closer to sainthood
6 Comments
Sorry, Recovering, but I have to step out for a few hours. I’ll look forward to your posts in the interim, and I’ll respond when I return.
Yes, but your tongue-in-cheek is a reflection of your great cynicism and (I’m taking a little leap here, but not much of one) your bitterness with the Church.
Perhaps the Vatican could charge an entrance fee for the Wednesday audiences and grant all the participants a plenary indulgence for attending. [tongue-in-cheek]
I’m waiting for you to bring something of substance to our prior debate, Recovering, instead of your usual ad hominum attacks. Don’t delay, now — you have such a strong position, I’m sure you can do well in the debate. I’m waiting; please don’t keep me waiting too much longer.
My trigger finger is starting to itch.
You’re not backing down, are you Recovering? You don’t want to debate the man you have deemed to be bitter and angry and uninformed? You’re not hiding under your desk, are you? It’s hard to debate those who hide. Be a man and defend your positions, Recovering, or be a man and admit you are in error.