Vatican posts $19 million deficit, worst in years

[RandySF]

VATICAN CITY (AP) -- The Vatican has registered one of its worst budget deficits in years, plunging back into the red with a €15 million ($19 million) deficit in 2011 after a brief respite of profit.

The Vatican on Thursday blamed the poor outcome on high personnel and communications costs and adverse market conditions, particularly for its real estate holdings.

Not even a €50 million gift to the pope from the Vatican bank and increased donations from dioceses and religious orders could offset the expenses and poor investment returns, the Vatican said in its annual financial report.

The Vatican said it ran a €14.9 million deficit in 2011 after posting a surplus of €9.85 million in 2010. The 2010 surplus, however, was something of an anomaly. In 2009 the Vatican ran a deficit of €4.01 million, in 2008 the deficit was €0.9 million and in 2007 it was nearly €9.1 million.



http://finance.yahoo.com/news/vatican-posts-19-million-deficit-121959659.html

[Logical]

1. Sell off some works of art. Those are worth millions.

[pa28]

7. That was my reaction.

They can sell off a series of drawings in some file. I won't lose any sleep over the question of their survival.

[cbdo2007]

15. or they'll probably just start charging more to see them.

St. Peter's is free so they'll probably start charging $10 to get in. It would still be absolutely worth it.

[AngryOldDem]

23. Or maybe Benny can sell off some of his Prada wardrobe. n/t

[Angry Dragon]

2. So that is how a church is viewed

So some churches put a value on themselves based on dollars versus how many souls they saved
Something is very wrong with this picture

[Marinedem]

9. The vatican is a country.

Deficits are as important an issue for them as any other.

[Angry Dragon]

17. So what you are saying is that a foreign country is trying

to dictate the social issues of this country .........

[hughee99]

19. Can you imagine one country trying to push its social agenda on another?

If one country does something another country doesn't approve of, they should just shut the fuck up.

[L0oniX]

21. LMFAO .....pfffft ...smell it.

[arcane1]

3. Can you even imagine Jesus dealing with "real estate holdings"?

If he were to come back today, the Vatican's entire net worth would be $0.00, because he would devote all that money on the poor instead of "high personnel and communications costs and adverse market conditions".

[bluedigger]

4. I think their balance sheet is safe for a while yet.

Although it does make them a more attractive target for a hostile takeover by Bain.

[MichiganVote]

5. Bummer. Not.

[Gore1FL]

6. Jesus suggested Austerity.

just sayin'...

[Smilo]

8. Wonder if there will be

a hostile take-over from Opus Dei?


Hey Pope et al - it is 2012 - try getting with the times and you may get a few more lire in the collection box.

[Swede Atlanta]

14. Remember that Italy...

along with 15 other European nations adopted the Euro as their national currencies on 01 January 1999.

The lire was not valid as legal tender in Italy from that date but holders of the currency could bring the lire to banks an exchange for euros for some period of time after that.

With the possible meltdown of several economies in Europe, some of these Euro nations are facing the possibility of leaving the Euro and reverting to their old national currencies. I can only imagine what a nightmare that would be. Europe had years to prepare for the conversion to the Euro including everything from retrofitting ATMs, coin and bill-operated vending machines, cash drawers, etc. If this all happened overnight the chaos would be palpable and, as many have predicted, would throw not on the European economy, but the world economy into another recession.

[Iggo]

10. Wither and die, Catholic Church.

[Lugnut]

11. Bummer.

[DearAbby]

12. sell whatsoever you have, and give to the poor

Then Jesus beholding him loved him, and said unto him, One thing you lack: go your way, sell whatsoever you have, and give to the poor, and you shall have treasure in heaven: and come, take up the cross, and follow me. Mk 10:21

[Comrade_McKenzie]

13. Sell off some Nazi gold. nt

[Aerows]

16. Lawsuits are expensive

When you are trying to defend the priests you shuffled around so they could continue to prey on children.

[GoneOffShore]

18. Maybe Diderot's epigram is coming to pass

"Man will only be free when the last king is strangled with the entrails of the last priest."

[L0oniX]

20. Lack of pedophile support.

[AngryOldDem]

22. My heart bleeds.

Go the fuck bankrupt, Vatican. Do the world a favor.