Vatican coffers hit by downturn

THE Vatican says 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 year straight, though the figures improved strongly from 2007. Its 2008 deficit was about 900,000 euros ($A1.59 million), up from a loss of 9.06 million euros a year earlier. The financial report released on Saturday by the Holy See's press office listed revenues of 253.9 million euros and expenses of 254.8 million euros. Most of the expenses went to support the activities of Pope Benedict XVI and the Holy See's offices, especially Vatican Radio and other media divisions, the financial report showed. It said the separate administration of the Vatican City... [read full story]                    

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