VATICAN CITY
Los Angeles Times
By Tiffany Hsu
July 5, 2012.
The effects of the euro zone debt crisis has reached into some of the holiest of halls, pushing the Vatican into one of its worst budget deficits in years.
The Holy See on Thursday reported a shortfall of 14.9 million euros, or $18.4 million.
“The result was affected by the negative trend of global financial markets, which made it impossible to achieve the goals laid down in the budget,” according to a statement from the Catholic Church’s governing body.
Administrators also blamed the gulf on the cost of paying the Vatican’s 2,832 employees and spreading the Catholic faith via its various communications outlets, which include a newspaper and radio and television channels.
In 2010, the Holy See enjoyed a surplus of nearly 9.9 million euros (about $12 million) after a string of deficits.
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