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Weak Dollar Sends Vatican to $14.5M Loss

Posted Jul 11, 08 8:19 CDT in World 

(Newser) – The weak dollar has wreaked havoc on business across Europe, but one organization has posted a surprising loss: the Vatican. The Catholic Church blamed the declining greenback for its first loss in 4 years as it ended the year $14.5 million in the red. The Guardian reports on how the decline of the almighty dollar is hurting the house of the Almighty.

Much of the Vatican's income comes from offerings from Catholics, and Americans remain the largest donors. But those tithes have been worth less and less to the euro-denominated Holy See, which has responded by raising rents on its properties in Rome. Some have noted the irony of the financial position of the Vatican, which recently listed as a new mortal sin "accumulating excessive wealth."

Source Guardian (UK)

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The Vatican has posted a loss for the first time in 4 years, blaming the decline on the weak dollar.   ((c) Aoife Cahill)
Pope Benedict XVI arrives in the Paul VI hall to attend the weekly general audience at the Vatican Wednesday, July 2, 2008. .   (AP Photo/Pier Paolo Cito)
Pope Benedict XVI acknowledges applause as he enters Paul VI hall at the Vatican, Monday, June 30, 2008.   (AP Photo/Pier Paolo Cito)
Pope Benedict XVI sports a fur-trimmed camauro as he arrives in St. Peter's Square at the Vatican for his weekly general audience.   (AP Photo)
The Catholic Church has posted a loss for the first time in 4 years, blaming the decline on the weak dollar.   ((c) palindrome6996)
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Catholic Church • Vatican • charity • euro • weak dollar • Rome • sin


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