European austerity measures reach the Vatican budget

 

RNS ST PETER DOMEThe Vatican must adopt “effective” cost reduction measures in the wake of the global economic crisis, Pope Benedict XVI’s No. 2 official warned on Dec. 18.

Cardinal Tarcisio Bertone, the Vatican’s Secretary of State, told employees of the Holy See’s budget department that, in the face of “continuing inability to increase revenues,” a “gradual, but effective, reduction of costs” was needed to reduce recent budget deficits.

In 2011, the Holy See posted its highest loss in more than a decade, with a negative balance of $19 million (15 million euros), blaming it on the “negative trend of global financial markets.”

The loss was compounded by a marked increase in expenses, which jumped by $37 million (28 million euros), while revenues registered only a slight increase.

In recent years, European countries have been forced to adopt drastic austerity measures in the face of a sluggish economic growth and rising debt. The Vatican, too, has been forced to walk down the same path.

This year’s nativity scene in St. Peter’s Square, which was unveiled on Christmas Eve, cost around $ 160,000 in total, with only $29,000 paid by the Vatican itself and the rest covered by the Italian region of Basilicata.

This is a drastic savings compared to past years.

Documents that came to light during the Vatileaks affair showed that, in 2009, the Vatican spent $730,000 for the St. Peter’s creche.

The Vatican budget office, known as the Prefecture for the Economic Affairs, has been given vast new powers to oversee and control expenses in all Vatican departments and institutions.

The new rules came into force last February and the Prefecture’s head, Italian Cardinal Giuseppe Versaldi, said that “substantial improvements” in the Vatican’s ability to raise money are not foreseeable in the near future.

“The only solution is to reduce costs by planning a rationalization and optimization of current resources,” he said.

About The Voice Of Bombay's Catholic Laity

Bombay Laity Ezekiel’s Chapter 3 Task as Watchman 17 “Son of man, I have made you a watchman for the people of Israel; so hear the word I speak and give them warning from me. 18 When I say to a wicked person, ‘You will surely die,’ and you do not warn them or speak out to dissuade them from their evil ways in order to save their life, that wicked person will die for[b] their sin, and I will hold you accountable for their blood. 19 But if you do warn the wicked person and they do not turn from their wickedness or from their evil ways, they will die for their sin; but you will have saved yourself.
This entry was posted in Silenced Voice. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s