Author Gianluigi Nuzzi foresees a bankrupt Vatican
Posted on 04/14/2020 11:43:20 AM PDT by ebb tide
VATICAN CITY (ChurchMilitant.com) - The Vatican is announcing draconian cost-cutting measures to stave off an impending financial meltdown triggered by the closure of the Vatican museums and other tourist sites following the pandemic.
On Wednesday of Holy Week, the Governorate of the Vatican City State issued an internal memo predicting "heavy repercussions" for "the economic and financial situation of the Holy See and of the State of Vatican City" which will "only become more serious with the passing of time."
The registered letter, signed by Cdl. Giuseppe Bertello, president of the Vatican Governorate, warns of an "uncertain future" and admits "we do not know how long the unavoidable economic recession will last."
Addressed to the general secretariat, directors of departments, heads of offices, director of the Vatican pharmacy and director of the Vatican Observatory, the letter calls for drastic reduction of consultancy costs, non-renewal of fixed-term contracts, suspension of temporary contracts and a freeze on appointments and promotions.
Employees will no longer be offered overtime, "unless for essential institutional reasons, and if so, to be implemented through flexibility or shifts" and will not be compensated if exchanging holiday leave for work.
The directive calls for a brutal cull of all Vatican conferences, congresses, exhibitions, fairs as well as the scrapping of business trips and purchase of new office equipment and liturgical accessories.
"The Superiors of the Holy See and of the Governorate have been holding periodical meetings on the topic of economics and finance and are well aware that a lengthy period will be necessary for the full restoration of all activities, both of the boards and committees of the Roman Curia and of the management and offices of the Governorate," the letter states.
The closure of the Vatican museums from March 9 onward has resulted in a loss of over 11 million euros so far. With around 20,000 daily visitors, the museum fees generate around 80 million euros each year and around 20 million euros is earned from selling souvenirs and corporate hospitality.
The Vatican museums, a sprawling structure of 54 galleries containing a vast collection of treasures gathered by pontiffs over the centuries, draw in more than 6 million people a year. During the peak season, visitor numbers to the Sistine Chapel alone can swell to more than 30,000 a day.
The Vatican, through its department for the Administration of the Patrimony of the Apostolic See (APSA), employs over 4,500 personnel and pays salaries of 6 million euros per month.
In Dec. 2019, the assets of Peter's Pence were reported to have dwindled since Francis became pope in 2013 from more than $775 million to $665 million. Donations sharply plummeted after news broke that only 10% of donations from Pope Francis' annual charitable appeal was actually being spent on the poor and suffering.
Oh, how I would like a poor Church, and a Church for the poor!Tweet
About two-thirds of the rest of the $55 million in donations for Peter's Pence was being used to fill the Vatican's administrative budget deficit, The Wall Street Journal reported.
In Oct. 2019, investigative reporter Gianluigi Nuzzi's book Last Judgment (Giudizio Universale) predicted the Vatican would be forced to default financially by 2023 and employees would lose their pensions.
With remarkable prescience, Nuzzi compared the Vatican's "structural" deficit to "a virus that seems truly unbeatable" calling it "a voracious and insatiable parasite, always attacking a wealth accumulated over the centuries, thanks to the pious offerings of the faithful."
Author Gianluigi Nuzzi foresees a bankrupt Vatican
"If Francis' pontificate fails, it will not be because of the instrumental attacks of the most conservative Catholics, nor because of the crisis of vocations or the reduction in the number of faithful. It will be due to the financial crash that promises to be ever closer," Nuzzi wrote.
The Vatican dismissed the claims, with head of APSA Abp. Nunzio Galantino stating: "There is no threat of default here. There is only the need for a spending review. And that is what we are doing."
Meanwhile, the Catholic Church in Germany and the Council of the Evangelical Church in Germany (EKD) are expecting to lose 1.5 billion euros in church tax as a result of the pandemic.
Before the pandemic, the churches were expecting a tax income of 12 billion euros. However, the crisis will result in tax income of 10–15% less than they had budgeted for.
If Francis' pontificate fails ... it will be due to the financial crash that promises to be ever closer.Tweet
Cardinal Reinhard Marx, former head of the German Bishops' Conference, admits that the pandemic "represents a major financial challenge" and the "loss of revenue may be huge" with "consequences for Church institutions."
"We will probably have to do without some things with us," he laments, denying nevertheless that the Vatican might have to face bankruptcy.
In 2013, shortly after his election as pope, Francis exclaimed: "Oh, how I would like a poor Church, and [a Church] for the poor!" The Holy Father's wishes are coming true, albeit differently from the way he might have desired.
But this art is not the Vatican's as if it were a private or even a corporate asset. It is a kind of fiduciary trust. It is the physical and cultural patrimony of the Church. Which is to say, us.
And not only of "us" here now, but of generations of Christians to come--- if the Lord tarries.
This from a place that boasts in their tours they own 25% of the worlds priceless art items and jewels. Sorry not crying for them
These are evil, abnormal times. Be a Catholic. Which means, being part of the Body of Christ. The Church of Padre Pio and Mother Angelica. Of Therese of Lisieux and Charles de Foucauld. Of Brigid of Kildare and Julian of Norwich. The Church of Sts Peter and Paul.
Right. Because the Bible says store up your treasure on earth. Oh wait....
My problem here is the drop off in museum attendance. The best foreign trip I ever took was to Rome in 1999. The Vatican and it’s museums were the highlight. The prices were reasonable and The hospitality was superb. Since I’m a slipped Protestant, that’s a high compliment. Otherwise, seeing the Church under the present anti-Catholic, anti-Christian,communist false Pope fall on hard times gives me no troubles.
About 20,000 of the 70,000 pieces of art in the Vatican Museum collection are on display. How about selling some of the artworks that are not even being displayed? Maybe they could be sold with the proviso that they be made available for viewing by the public, for some minimum number of days each year. This would have more people seeing them than the zero people who see them now, while they are in storage.
I don’t give a damn if the Catholic church goes broke.
What? Not enough people trying to pay off their sins to the pope???
The fact is, it would be theft to sell off Christian sanctuaries and artistic treasures which are part of the patrimony of the whole Church, for liquid cash to pay for temporalities, pensions for Cardinals and such.
It would be taking away what *belongs* to the poor and to all future generations, and illicitly converting it for private or temporary advantage.
I imagine you know the meaning of the terms "embezzlement" and "violation of fiduciary trust."
They were billions ahead until they had to start paying out all the sex abuse claims. Can’t feel sorry for them if the cupboard’s bare.
you may justify it to yourself that way. I would not want to face the Lord and tell Him I had kept vast treasure hidden away and safe while His people lived in abject poverty. This is one of those we will have to agree to disagree on.
As stated the treasures are for everyone and future generations.
I am tired of this argument too. The Catholic Church does more charitable work (feeding, educating, providing medical care, etc) than any other organization on the planet. These vomments aren’t about concern for the poor, it’s about stripping bate the Church and laying it low.
they are for everyone locked in vaults. Ok by me I don’t have to answer for it. I only have to answer for what I do with what God has given me. It’s not about hating the catholic church it’s about pointing out some obvious inconsistencies between message and action.
oh but all of a sudden the parishes were on the hook for millions...each parish assessed an amount to raise....
I don't know the chain of command but we the lowly Catholics have no ownership in anything....the diocese can sell off church property as they see fit, and I'm sure some of that goes back to the church hierarchy....the Vatican gets their share one way or another...
point is, the Vatican will get what it wants....
I think the “church” does own it and I think it could be judiciously liquidated.
It is art the church commissioned and bought, not art the church made.
I appreciate the fear of losing history but I think most would not be lost and what history you would make, doing such a thing. What a testimony.
But this pope who advocates poverty and charity and socialism will not be listening to me in any event m
The Vatican wasn’t paying those claims.
Who has vowed poverty? Some clergy do. Most don’t. None of which has anything to do with property owned by the Church.
The poor benefit because they can enter a church and pray there in an environment that elevates their thoughts to God. Humanitarians like you think the poor should have no access to beautiful places or things except maybe as paying guests (if they’re lucky).
No I am for free days for museums and all. As a member of the “poor” I’ve always utilized them.
I agree that keeping church buildings open is overall a blessing for people.
I understood that consecrated folk took a vow of poverty,
Chastity, and obedience.
It costs a lot of money to operate a free museum.
Most priests are “secular”, meaning they do not belong to a religious community but answer directly to their respective bishops, in a lifelong relationship that entails mutual duties and commitments. Secular priests take no vow of poverty. While they’re expected to live simply, they’re paid a salary and may earn outside income from writing, teaching, etc. They are allowed to own and inherit property like anyone else.
Ah. I didn’t know
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