OTHER NEWS - Nov. 12, 1994
Loss Expected on Vatican Investments: Falling returns from playing the financial markets will help put the Vatican $22.3 million into the red next year, a Roman Catholic cardinal said. Presenting the Holy See’s consolidated budget for 1995, American Cardinal Edmund Szoka said income from the Vatican’s investments in cash, securities and bonds was expected to drop by about a third, from $36 million in 1993. Szoka, head of a financial watchdog committee of cardinals, said Vatican holdings will be affected by currency fluctuations.
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