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Weak Dollar Sends Vatican to $14.5M Loss
Catholic church blames declining greenback as it goes into the red
By Jason Farago
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Posted Jul 11, 08 8:19 AM CDT
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(Newser)
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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."