Even without supporting a big social welfare system or bloated defense establishment, the Vatican is running a large deficit for such a country…I mean, church…I mean, country, according to the Associated Press.
The Vatican has registered one of its worst budget deficits in years, plunging back into the red with a (EURO)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 (EURO)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.
I predict a new revelation from God raising the tithe to 12%.