Vatican’s Operations Run $15-Million Deficit
The Vatican reported a deficit for the second consecutive year Wednesday, about $15 million, and blamed the shortfall on heavy personnel costs and an expanding diplomatic mission.
Contributions last year to the pope, donations known as Peter’s Pence, were slightly up, Vatican officials said, an increase that would belie fears of a sharp drop in giving because of the sex abuse scandal in the United States and other countries.
The Vatican went through 23 money-losing years until 1993. The situation turned around after bishops from around the world agreed to directly assist the Vatican.
The Vatican found itself in the red again in 2001, blaming the financial problems on the worldwide market slump, aggravated by the Sept. 11 attacks.
The report did not give a breakdown by country but said the total received for Peter’s Pence was about $53 million, up nearly 2% from 2001.
The money went for charity works in the developing world and for relief aid in response to wars and natural disasters.
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