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Author Topic: The Vatican is having its own financial crisis  (Read 121 times)
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CeeKay
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« on: July 05, 2012, 10:43:40 PM »

http://worldnews.msnbc.msn.com/_news/2012/07/05/12583425-vatican-reports-its-nearly-19-million-in-the-red?lite

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If you were seeking confirmation that the current economic crisis really is evil, look no further than the Holy See.

The Vatican reported on Thursday that its tiny state wasn't spared by the global economic downfall. With its budget deficit hitting $19 million, 2011 was one of the Holy See's worst financial years on record.

With lines for entering Vatican museums and Saint Peter's Basilica consistently as long as the Vatican wall, last year alone tickets for attractions like the Sistine Chapel filled the Vatican's coffers with more than $90 million. If to that you add the almost $70 million the pope received in charitable donations, it's difficult to believe that the smallest state in the world, with its 0.2-square-miles territory, could ever go in the red.

But it turns out the Vatican's assets can be a mixed blessing.

The sheer cost of employing almost 3,000 people to run the Vatican, its radio and newspaper services, plus the especially bad real estate market affecting some of Italy's most prestigious palazzos owned by the Vatican, mean it spent more, much more, than it earned.

not surprising with all the lawsuits and bad press.  Maybe god can send them some cash  icon_wink
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Ironrod
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« Reply #1 on: July 06, 2012, 01:50:02 AM »

The Catholic Church is the wealthiest NGO in the world, although most of its assets are in gold bars and precious works of art. If they don't want to sell any of those to cover their cash flow crisis, perhaps they should hold a bake sale.
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