Vatican inching toward bankruptcy

 Concern over Vatican inching toward bankruptcy

The Vatican faces mounting financial difficulties under Pope Francis, with dwindling donations and significant losses from past investments exacerbating its precarious position.

According to the Economic Times, the Vatican’s $87 million operating deficit in 2023 and declining donations are significantly impacting the Holy See’s operations. Some critics within the Vatican blame Pope Francis for the financial mismanagement.

The consequences of the Vatican’s financial challenges are being felt across its workforce. Retired staff and clergy are particularly vulnerable, as dwindling funds jeopardize their pensions and day-to-day financial support. This has sparked growing dissatisfaction among those who depend on the Vatican for their livelihoods.

While this is not the first financial hurdle for the Church — previous crises during the European recession in 2012 and the COVID-19 pandemic strained resources — the current challenges appear more dire, according to financial analysts, as it appears the Vatican is heading toward potential bankruptcy.

Adding to the Vatican’s woes are last year’s revelations from its largest financial trial to date, which culminated in the December 2023 conviction of Cardinal Giovanni Angelo Becciu and several others for financial crimes. 

The trial, which began in 2021, uncovered egregious mismanagement, including a failed London real estate investment that cost the Vatican over €100 million. The deal, initiated in 2014 with Church funds, intended to develop a high-end residential property but collapsed in 2018, leaving the Vatican with massive losses. 

Cardinal Becciu, previously Pope Francis’ close aide, was also implicated in misdirecting hundreds of thousands of euros to his family and private intelligence agents under questionable pretenses.

The Becciu scandal highlights significant lapses in the Vatican’s financial oversight. The Cardinal was accused of witness tampering to suppress evidence from his former deputy, Monsignor Alberto Perlasca, the prosecution’s key witness. 

The Vatican’s financial troubles have broader implications. Declining donations, attributed partly to waning trust among the faithful, threaten the Church’s ability to sustain global initiatives. Meanwhile, international scrutiny of the Vatican’s transparency has grown, particularly as the details of Becciu’s financial dealings surfaced. 

With financial mismanagement and diminishing resources, the Vatican faces an uncertain future. Critics argue that Pope Francis must urgently address these issues to restore confidence and safeguard the Church’s global mission. However, as the repercussions of past failures and ongoing financial strains persist, the challenges remain formidable.

58 comments ;

red: Liberals should never be in charge of anything important.

Julie O  red: Especially money

jss1525: The hierarchy of the Church have shown their disdain for the faithful in the pews. Sadly, this may be the only way to show them we will not tolerate a church of perverts and pedophiles.

St Joseph is my hero  

jss1525: Go woke, go broke?

Tony Fernandez : So we went from a conservative Pope Benedict XVI to a leftist Pope Francis. And as it happened in the US in 2020, we went from prosperity to misery. History repeats itself...

Terry Fox to  Tony Fernandez: Was Benedict, who I personally liked, truly conservative? I wonder. More conservative than Francis, certainly. I still wonder.

Tony Fernandez to  Terry Fox: Well, he was very liberal in the 60's but turned very conservative later

Donna Jorgenson Farrell:Maybe, if Francis would support the teaching of the Catholic Church, donations would be pouring in to support the Vatican. As it is, people are likely cautious in giving to an organization that may or may not represent the teaching of Jesus Christ.

Gerard Neumann :He can rule out Tyler and the rest of Texas in his fund raising efforts.🤠

BalletGirl  to Gerard Neuman: God bless!

Carl  to Gerard Neumann: Trust me, it's not limited to Tyler!

VM F : To have lasted this long run by people as incompetent and corrupt as these, the Church must be Holy Spirit-led. Its survival is a miracle of itself.

David Booth.to  VM F: Which Pope said the Church has miraculously survived despite the clergy?

Mowd: people voting on the actions of the Vatican by withholding their donations - me included.

David Booth. to Mowd: When the collection plate come around to donate to St Peter’s Pence that’s exactly what I do, 1 pence (or 1 cent). Turn off the money tap and the Vatican Mafia will get the message

Fr. Daniel Whelan: We will become a smaller and poorer Church. Yet we know what God can do with a small, faithful remnant!

Dale  to Fr. Daniel Whelan: Now there is a truthful and faithful response! Thank you Daniel. I'm sure our Lord is smiling on this. Merry Christmas faithful one!

BalletGirl to Dale: Father Daniel, Dale :)

Leno to Fr. Daniel Whelan: Hope this is not what hierarchy favors? A less influential church.

BalletGirl to Leno: True, but the thought is, look what the Lord did with only 12 Apostles give or take a few extra players

Carl to Fr. Daniel Whelan: Amen Father! Venerable Sheen expressed that decades ago.

Joe DeCaro : What about the past abuses of Peter's Pence?

"In 2019, it was revealed that the charity had secretly been used by people within the Vatican to buy luxury property in London and to finance movies such as he 2019 Elton John biopic Rocketman. It has also been used to finance the budget deficit of the Holy See."

Can the Vatican actually go broke?

red to Joe DeCaro: No. They have so many assets. It’s crazy but eventually sure. Unlike governments the Vatican can’t force us to give them money Just typical leftism going on.

Albert Monillas to Joe DeCaro: I hope it does. Christ is smiling in heaven because He is the Lord of the lowly.

David Booth. to Joe DeCaro: When the plate comes around asking for St Peter’s Pence that’s exactly what I give, 1 pence (or 1 cent) Turn off the money tap and the Vatican Mafia will get the message.

Isaiah53_5: I doubt the Pope has the competence or health to fix this problem. The Pope’s ability to select trustworthy people is questionable. He didn’t discover Becciu’s malfeasance until the damage was done.

Thom to Isaiah53_5: funny how you can take "pope" out of all these comments and put "biden" in and still makes sense (although change Becciu to Hunter)....ok second thought not funny at all

jss1525 to Isaiah53_5: I don’t think competence or health are the issue. He does not have the desire to fix this problem. He has given no indication he sees this as a problem. Just look at the mascot for the Jubilee 2025. They specifically pointed out that her rainbow rosary is to support perverts. Our Lady would be rolling over in her grave, if she had not been assumed bodily into heaven.

Carl to jss1525: I agree! All one needs to do is look at his appointees and promotions from day one!

David Booth. to Carl: Remember, you’re known by the company you keep. Lie down with the dogs and you get up with fleas.

AFCz : The Church is struggling with finances no different than any other institution who administration and ideology is progressive. As the progressive administration proceeds they are hopeful to take the traditional Church down with it. The faithful remnant shall prevail 

Carl  AFCz: Maybe Rome hasn't heard about "Go woke, Go broke!"

AFCz  Carl: Perhaps they no longer have the ears to listen…

Carl  AFCz: Amen. They haven't been listening for years!

red: Well time to sell a few priceless artifacts from the vault.

Raynald : $87 million, I bet it’s 10 times that.

I put money into an envelope for our school and church repairs only.

chattip  Raynald: Me too! I will not support the non-Catholic confusion that is constantly flowing from this Vatican.

Carl  Raynald: Likewise! We just regiered at a new parish and a letter to the pastor specifying how our donations are to be used was included in the process.

Truth: Perhaps God is trying to tell the church it has not found the path God has made known.

BalletGirl to Truth: No, just the hierarchy that lost the grace of Baptism and is in danger of losing the Salvation won for them by their evil deeds

Truth to BalletGirl: There is no hierarchy but Jesus. If you could loose your salvation you would.

BalletGirl to Truth: True, Truth, all men and women are equal before the eyes of God as St. Paul stated,

but neverthless, human society and civilization exists with hierarchy naturally. Schools, families, nations have hierarchy. Any institution which has teaching and leadership authority has to have a visible hierarchy of leadership on earth, even if it's just one person. So you don't have ground here!

 Merry Christmas :)

Truth to BalletGirl: My most heartfelt Christmas wish for you is this Christmas season is you would come to know the way, the truth and the life. Merry Christmas to you too.

BalletGirl to Truth: You mean, more deeply! More closely!

Thank you, the same for you, Truth!

May we all grow in greater intimacy with our Lord and Savior, our Sweetness, our Rock and our Refuge, our healing and our strength! Amen! Alleluia!

Leno: Wonder if Cardinal Pell was placed in prison and lost his life was a result of the the forces of Vatican corruption. 

Thom Leno: No question on the former and I hope someday we will learn the truth about the latter

Mowd : Maybe they could sell off the Vatican wall to raise money!

FreemenRtrue: a poor Church for the poor - no need for vows of poverty-

NVMaster: Just as with the collapse of trust in almost all governments in the West, so too we essentially see the collapse in trust of the government in the Vatican. The cause for the collapse is common among all: the lack of trust in the leadership. In the US, the government has lied to us about so much, trust is gone. For the Vatican, Pope Francis has shape-shifted the Church’s teaching on so many things (LGBTQ comes to mind), ignored real problems (Cardinal McCarrick, and now the financial scandal by Francis’ crony), trust in the leadership is almost gone. I long for the days of JPII. Even JPII stood on the sidelines during the Priest sexual abuse. Grrr.

Carl  NVMaster: Amen! I copied what a Catholic gentleman did (saw it on another site a few years ago) and sent copy of St. Peter Damian's "Book of Gomorrah" to my bishop too!

Xenophon: We desperately need Bishops and other religious with backbone and principles.

Be.a.Saint: Maybe President Trump will “loan” them the money! If we can send billions to worthless causes and enemies… why not?

Q.:I’m sure we can manage.

Patty : Only $87 mil? Sell a painting. But fix the problem first.

Terry Fox : Financial mismanagement in the Vatican has been going on for at least 10 years and probably more like 60 years. I believe that Popes prior to Francis tried to get it under control, which may have led to their demise. See John Paul I

David Booth: Cardinal Pell started to get to grips with the books in the Vatican so he was shipped back to Australia and had to endure 13 months in an Australian prison on trumped up (and actually physically impossible acts) charges.

May He Rest In Peace.

Mary Finn :How about the church sell my items in Vatican city? We are not suppose to utilize material stuff!! Right!!

 The Vatican faces mounting financial difficulties under Pope Francis, with dwindling donations and significant losses from past investments exacerbating its precarious position.

According to the Economic Times, the Vatican’s $87 million operating deficit in 2023 and declining donations are significantly impacting the Holy See’s operations. Some critics within the Vatican blame Pope Francis for the financial mismanagement.

The consequences of the Vatican’s financial challenges are being felt across its workforce. Retired staff and clergy are particularly vulnerable, as dwindling funds jeopardize their pensions and day-to-day financial support. This has sparked growing dissatisfaction among those who depend on the Vatican for their livelihoods.

While this is not the first financial hurdle for the Church — previous crises during the European recession in 2012 and the COVID-19 pandemic strained resources — the current challenges appear more dire, according to financial analysts, as it appears the Vatican is heading toward potential bankruptcy.

Adding to the Vatican’s woes are last year’s revelations from its largest financial trial to date, which culminated in the December 2023 conviction of Cardinal Giovanni Angelo Becciu and several others for financial crimes. 

The trial, which began in 2021, uncovered egregious mismanagement, including a failed London real estate investment that cost the Vatican over €100 million. The deal, initiated in 2014 with Church funds, intended to develop a high-end residential property but collapsed in 2018, leaving the Vatican with massive losses. 

Cardinal Becciu, previously Pope Francis’ close aide, was also implicated in misdirecting hundreds of thousands of euros to his family and private intelligence agents under questionable pretenses.