Vatican posts $19 million deficit for 2011, blames market pressures for worst showing in years
Pope Benedict XVI walks during his meeting with Sri Lankan President Mahinda Rajapaksa in his private library at the Vatican Friday, June 8, 2012. (AP Photo/ Max Rossi, Pool)
Published Thursday, July 5, 2012 8:59AM EDT
VATICAN CITY -- The Vatican has registered one of its worst deficits in years, plunging back into the red with a C15 million ($19 million) deficit in 2011 after a brief respite of profit.
The Vatican on Thursday blamed the poor outcome on high personnel and communications costs and adverse market conditions.
Not even a C50 million gift to the pope from the Vatican bank and increased donations from dioceses and religious orders could offset the expenses and poor investment returns.
The Vatican said it ran a C14.9 million deficit in 2011 after posting a profit of C9.85 million in 2010. The 2010 profit, however, was something of an anomaly. In 2009 the Vatican ran a deficit of C4.01 million, in 2008 the deficit was C0.9 million and in 2007 it was nearly C9.1 million.