Vatican suffers financial loss

THE Vatican said it has posted its third straight financial loss, registering a €4.1 million deficit for 2009.

The financial report released by the Holy See’s press office listed revenues of €250.18m against expenses of €254.28m.

Most of the expenses went to support Pope Benedict XVI’s activities and the Holy See’s offices, especially Vatican Radio, the report said.

In 2008, the Vatican was €900,000 in the red — a year earlier it posted a €9.06m deficit.

The report said the separate administration of the Vatican City state was particularly hit by the economic crisis as well as by high costs to improve the Vatican’s telecommunications system and restore its cultural treasures and ensure security.

The Vatican has published the annual report since 1981, when Pope John Paul II ordered financial disclosure as part of his efforts to debunk the idea that the Vatican is rich.