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	Vatican Reveals Financial Losses Press Association July 10, 2010 http://www.google.com/hostednews/ukpress/article/ALeqM5hr2BuwvvS80GJB5SS431z3guEkIQ The Vatican said it has posted its third straight financial loss, registering a 4.1 million euro (?3.43 million) deficit for 2009. The financial report released by the Holy See's press office listed revenues of 250.18 million euro (?209.89 million) against expenses of 254.28 million (?213.33 million). Most of the expenses went to support Pope Benedict XVI's activities and the Holy See's offices, especially Vatican Radio, the report said. In 2008, the Vatican was 900,000 euro (?755,000) in the red; a year earlier it posted a 9.06 million euro (?7.6 million) deficit. The report said the separate administration of the Vatican City state was particularly hit by the economic crisis as well as by high costs to improve the Vatican's telecommunications system and restore its cultural treasures and ensure security. However cost-cutting allowed the tiny state to record a loss of only 7.81 million euro (?6.55 million), less than half the 15.3 million euro (?12.83 million) it lost in 2008. The Vatican said annual donations from churches worldwide, the so-called Peter's Pence, were up in 2009, with Catholics donating 82.52 million US dollars (?54.77 million) last year. In 2008, the faithful gave 75.8 million dollars (?50.31 million) and 79.8 million dollars (?52.97 million) in 2007. Leading donors were from the US, Italy and France. The pope uses the fund to help churches in poor countries and other charitable causes. In addition, the Vatican's bank, the Institute for Religious Works, gave the pope an additional 50 million euro (?41.million) in 2009 for his charitable works. The Vatican has published the annual report since 1981, when Pope John Paul II ordered financial disclosure as part of his efforts to debunk the idea that the Vatican is rich. Up until two years ago, the report was released on the same day a senior Vatican cardinal held a news conference to explain the financial picture. Asked why such briefings are no longer scheduled, a Vatican official said they had been stopped because journalists asked "uncomfortable" questions.
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