Pope says financial crisis shows money an illusion | |
TEXAS UNCENSORED User ID: 531401 United States 10/21/2008 03:22 AM Report Abusive Post Report Copyright Violation | If it is only an illusion, then maybe they can do without the hundreds of millions in the Vatican Budget. Or is that an illusion also ? The Vatican brought in €236.7 million ($373.6. million) in 2007, but spent €245.8 million ($387.9 million), producing a shortfall of over €9 million ($14.3 million). From 2004 through 2006 the budget had run in the black, producing a total surplus of €15.2 million for that 3-year period. These budget figures show the financial activity of the Pope, the Roman Curia, and the offices affiliated the Holy See itself, but not the Vatican city-state, which keeps a separate budget. The city-state produced a surplus of €6.7 million, down from €21.8 million in 2006. Vatican investments yielded a surplus of only €1.4 million in 2007, as against €13.7 million in the previous year. The difference was "due above all to a sudden very strong reversal of trend in fluctuations of the rate of exchange, especially of the US dollar," the Vatican explained in its financial statement. By contrast the Vatican's real-estate investments-- which are denominated in euros-- showed a modest gain, from €32.3 million in 2006 to €36.3 million last year. [link to www.catholicculture.org] |
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