Saturday, July 04, 2009

Vatican runs deficit amid economic crisis

Daily Record
July 4, 2009

VATICAN CITY (AP) — The Vatican said Saturday it ran a deficit in 2008 as its finances and donations from across the world were hit by the global economic crisis.

The Vatican posted a budget deficit for a second straight year, though the figures improved strongly from 2007. The Holy See's 2008 deficit was around euro0.9 million ($1.28 million), compared with a loss of euro9.06 million a year earlier.

The financial report released Saturday by the Holy See's press office listed revenues of euro253.9 million and expenses for euro254.8 million.

Most of expenses went to support the activities of Pope Benedict XVI and the Holy See's offices, especially Vatican Radio and other media divisions, the report said.

It said the separate administration of the Vatican City state was particularly hit by the economic crisis. High costs to restore the Vatican's cultural treasures and ensure security left the tiny state with a euro15.3 million deficit, after closing 2007 with a euro6.7 million gain.

See also from Indiana's NewsCenter, "Vatican hit by economic downturn: official figures."


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