When you see the riches at the Vatican, it's hard to imagine any financial difficulties but mismanagement of all kinds run deep in that organization. It's probably asking too much to ask the Prada wearing Pope to trim expenses. Vow of poverty this.
The Vatican said Saturday it ran a deficit in 2008 as its finances and donations from across the world were hit by the global economic crisis.
The Vatican posted a budget deficit for a second straight year, though the figures improved strongly from 2007. The Holy See's 2008 deficit was around euro0.9 million ($1.28 million), compared with a loss of euro9.06 million a year earlier.
The financial report released Saturday by the Holy See's press office listed revenues of euro253.9 million and expenses for euro254.8 million.
Most of expenses went to support the activities of Pope Benedict XVI and the Holy See's offices, especially Vatican Radio and other media divisions, the report said.
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