Only 40% drop. Who/ what makes up the other 60%? I predict in 2 yrs PF will be no longer.
“ The Vatican is rapidly losing money with donations plummeting as sex abuse scandals damage the Catholic Church’s reputation, according to a new book.”
‘Vatican prosecutors tried to put Nuzzi and another journalist on trial in a Vatican court in 2015 for publishing books based on leaked documents. ‘
‘Gianluigi Nuzzi writes that the Vatican lost nearly €44million (£38million) last year while its property empire made a loss for the first time. ‘
‘Nuzzi and the other journalist were not Vatican public officials and the alleged crime did not take place on Vatican territory, the court ruled. ‘
‘In the book, Universal Judgment, he claims that the Vatican faces a possible default on its debts by 2023, according to The Times. ‘
“ The head of the Vatican’s central bank appeared to admit this week to a transaction that could be a violation of European regulatory commitments, namely a loan of 50 million euros to finance the purchase of a struggling Italian hospital.
Sources say a controversial grant from the U.S.-based Papal Foundation was requested in order to balance the central bank’s books after the hospital was unable to repay the money.”http://www.ncregister.com/daily-news/hospital-loan-papal-foundation-controversy-land-vatican-bank-in-regulatory-
“ Predictions are hard, especially – as Yogi Berra may or may not have said – about the future. But if you wanted to place a bet, the stories about Roman corruption and malfeasance are not going to go away. And the silly attempts to make it appear that serious criticism is only fake news, circulated by people in the pay of oil companies or other nefarious actors, will inevitably show themselves to be the biggest falsehoods of all.”
“ Italian journalist Gianluigi Nuzzi released a new book on Monday titled Giudizio Universale (Last Judgment) in which he argues the Vatican is undergoing a financial crisis, approaching imminent financial failure due to mismanagement that covers abuse and privilege, debts, expenses and lack of income. ”
“ A 50-million-euro loan request to secure the purchase of a bankrupt hospital was vetoed by Cardinal George Pell and financial authorities at the Institute for Works of Religion, commonly called the Vatican Bank, before it was approved by the Holy See’s central bank, APSA, where the loan breached international regulatory agreements.“
“ An Italian dermatology hospital and two senior cardinals are at the center of a burgeoning financial scandal involving a Vatican bank, the U.S.-based Papal Foundation, and millions of euros from misallocated government grants.
The events concern the financial collapse of the Istituto Dermopatico dell’Immacolata (IDI), an Italian hospital.
According to media reports and new sources, Cardinal Angelo Becciu and Cardinal Giuseppe Versaldi have been key players in a complicated series of transactions that financed the Vatican Secretariat of State’s 2015 acquisition of the hospital, which had collapsed under large-scale acts of theft and money laundering that led to the imprisonment of its president.”
“ Former cardinal Theodore McCarrick intervened to pressure members of the U.S. Papal Foundation to support a controversial grant request, intended to repay an illicit loan from APSA, the Vatican’s central bank. McCarrick met privately with the leadership of the bank in the months leading up to his intervention.
McCarrick made the intervention in December 2017, after objections were raised to the Vatican’s request of $25 million from the Papal Foundation, for a bankrupt Italian hospital, the Istituto Dermopatico dell’Immacolata (IDI).
The grant request from the Vatican Secretariat of State was, according to the minutes of a December Papal Foundation board meeting, first made in June 2017 as “an emergency request” from the Pope, and was said to be intended to cover a short-term “cash crunch” at the IDI.
The Papal Foundation is a charity that confers grants to charities at the request of the Holy See. Grants do not ordinarily exceed $300,000, which made the request for $25 million unusual. In autumn 2017, several board members objected to the request because they had discovered that the hospital was financially insolvent and not merely in a short-term cash crunch, as Vatican officials had led them to believe.
Among those who objected was James Longon, chairman of the foundation’s audit committee, who described the request in a memo to board members as a “disaster for the Papal Foundation. Not only is the decision process flawed, but the recipient has a dubious past.”