The Vatican in Economic Difficulties

Source: FSSPX News

A press release published January 22 reports the conclusions of the recent meeting of the College of Cardinals, presided over by the Secretary of State, Tarcisio Bertone, and charged with a study of the Holy See's economic problems.

During this meeting, about ten cardinals from all over the world reviewed the Holy See's balance for the year 2009, as well as the 2010 budget of the Governorate of Vatican City.  “The result of the budget [2010 – editor's note] reflects the hope of economic and financial tendencies that indicate a slight improvement, in spite of the continued general difficulty of the situation,” is the prudent statement of the press release.

In 2008, for the second consecutive year, the Holy See's financial assessment revealed a negative balance of a little more than 900,000 euros.  Even more unsettling is the fact that, that same year, Vatican City State, also suffering from the present worldwide economic crisis, revealed a negative balance of more than 15 million euros.

At the sight of this “difficult” situation and of  “the present worldwide economic situation”, the College of Cardinals stressed that “pastors need to arouse in the faithful, who tend to be more interested by specific projects that affect them more closely, a greater attention to the structures of the Church, who offers a service of a more general order”.  As usual, the cardinals also mentioned the significant expenses related to “the Vatican Radio and other media-related institutions”, but without falling to remark that these expenses are part of “the missionary activity of the Holy See”.

The Holy See's financial resources are provided in part by the Peter's Pence, a collection organised yearly around June 29, feast of Sts. Peter and Paul.  In 2008, this collection brought in a total of 75.7 million american dollars.  The largest portion of the collected funds was donated by the United States, Italy and Germany.  In 2008, as is the custom every year, all the diocese in the world participated in the Holy See's expenses, with a contribution of 20.9 million euros. (DICI n°209, Feb. 6, 2010 – Source: Apic/Imedia)