The Vatican ran a deficit of EUR49.7 million ($60 million) in 2020. However, CruxNow.com (February 24) stresses that the “the situation is even worse” although the Vatican reported a 14% decrease in its spendings.
For the first time, income from “Peter’s Pence” was included in the Vatican’s annual financial accounting while before this was not the case.
Without “Peter’s Pence” the Vatican’s deficit would be close to EUR82 million ($100 million).
Thus, the Vatican’s debt is more than one-quarter of its total income while the debt of Italy, one of the most problematic countries in the Eurozone, only amouts to about 7.5% of the country’s Gross Domestic Product.
To this must be added that the Vatican’s pension system is seriously underfunded.
For CruxNow.com there is only one solution: The Vatican needs to fire a third of its employees to stay afloat.
Picture: © Mazur/catholicnews.org.uk, CC BY-NC-ND, #newsLactpjyrrc