Could the Vatican go broke?
February 15, 2024
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CWN Editor's Note: In an analysis of gaping budget deficits that face the Holy See, Ed Condon of The Pillar shows that the problem is not easily solved.
Maximino Caballero Ledo, who heads the Secretariat for the Economy, has said that the Vatican now has a structural budget deficit of €50 to €60 million a year.” To eliminate that deficit by cutting budgets would mean closing “43 of the 53 entities that belong to the Roman Curia, and that is not possible.”
So the only alternative is increasing income. But how?
Contributions to the Peter’s Pence collection have been suffered from scandals and departures from the Church, especially in the most prosperous countries like Germany and the US. The Vatican’s own ability to raise revenue (from museums, for instance) is severely limited. And while the Holy See owns a large real-estate portfolio, most the buildings are in use for religious and/or charitable purposes.
The late Cardinal Pell sought to capitalize on unused properties, using them to generate a revenue stream. But his effort met resistance from other Vatican offices, and his plans were thwarted.
The overall outlook is bleak.
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