Holy See in the Red: Vatican blames weak dollar for pushing it into its first loss in four years.

[BurtWorm]

http://www.guardian.co.uk/business/2008/jul/10/vatican.pope.accounts?gusrc=rss&feed=networkfront

Annual accounts published yesterday showed that the Holy See dipped into the red last year, recording a loss of €9.1m (£7.25m). It said this was "due mainly to sharp and very pronounced trend reversal in fluctuation of exchange rates, particularly the US dollar".

The US currency has fallen sharply against the euro since the start of last year, hitting the Holy See in the pocket as its expenses are incurred in euros. Much of the Vatican's income comes from donations from Catholics around the world. The US was the largest single contributor to Peter's Pence – the collection used by the Pope for charitably donations - sending almost $19m (£9.5m).

But the shortfall was mitigated by a rise of €4m in property income. The Holy See is a major owner of property across Rome and was criticised last year for raising rents and threatening to evict tenants. Some even formed an association to protest that their homes were being turned into hotels.

Earlier this year, the Vatican released a new list of mortal sins which included "Accumulating excessive wealth". Estimates of its own wealth vary, with some reports putting it at £4bn. And in 2007 a political row broke out over the tax exemptions enjoyed by the Roman Catholic church in Italy. Under a deal first hammered out in 1929, it does not pay property taxes.

...

[Virginia Dare]

1. They've weathered the ups and downs of a millenium plus..

and made out rather nicely. I expect they'll be just fine.

[Windy]

2. Oh please... I was in Rome last summer and visited the Vatican and its museums, etc.

They own most of the most precious artwork in the world. Just one of those pieces of art, if auctioned off to another museum, etc, could feed an entire nation!!!

And lets not mention the mile long line of people who come to the Vatican museums each and every day and spend 14 euro for admission, not to mention spending money in the gift shops and concessions... and the additional donations of the faithful..

I'm sorry... I don't buy it. And I'm a Catholic.

[enid602]

3. Euros

Maybe they should demand that donations from their US parishioners be made in Euros.

[beam me up scottie]

4. How convenient. They just declared "Accumulating excessive wealth" a sin.

Earlier this year, the Vatican released a new list of mortal sins which included "Accumulating excessive wealth". Estimates of its own wealth vary, with some reports putting it at £4bn. And in 2007 a political row broke out over the tax exemptions enjoyed by the Roman Catholic church in Italy. Under a deal first hammered out in 1929, it does not pay property taxes.

...

Now they're claiming they're not making any money.

[notadmblnd]

5. will the poor pope be forced to sell his red shoes?

I feel so bad for the Catholics, will they'll be reduced to drinking common grape juice at communion or have a liquidation sale of all the booty they've taken possession of over the centuries?

[Spazito]

6. Awwwww, gee, I am so sad for them - NOT

The Catholic church is still worth mega billions which, were they to truly be following the steps of Jesus, they would be distributing to the world's poor.

This lapsed Catholic despises the corporation that has become the Catholic church organization that helped the Nazis, hid child abusers from the law, etc, etc, etc.

[KharmaTrain]

7. I Can See The TV Ads Now

"Hi I'm Bennie Benedict...and we've lost our lease"...out it goes...down to the bare pews!

:rofl:

"...just think of all the heavenly savings...after 2,000 years in biz, the Roman Catholic church has to liquidate...out they go...saints, priests, priceless works of art...name your prices..."

:rofl:

[Jim__]

8. I guess even god can't make money in this economy - n/t