REPORT: Vatican on the Verge of Bankruptcy!

Is the Vatican on the verge of bankruptcy?

It appears so.

I saw this going viral online so I dug into it (because we actually do our research here, we don’t just rely on Tweets) and what I found was this is accurate:

VATICAN BANKRUPTCY?https://t.co/cHpTrpv2Xb pic.twitter.com/9Z5CFz02TP

— The Sacred Blue Tent (@SabrinaGal182) December 3, 2024

The AP reports the situation is dire, as admitted by Pope Francis himself:

Pope Francis, who has imposed a series of cost-cutting measures across the cash-strapped Vatican, warned Thursday that the city state’s troubled pension fund needs urgent reform to guarantee future obligations.

Vatican employees responded by expressing concern that their compensation might be targeted in any further cost-cutting to shore up the pension system, and asked for the fund’s finances to be made public.

In a letter to Vatican department heads and cardinals, Francis said he had named a top economic adviser Cardinal Kevin Farrell as a special administrator for the fund, suggesting that decisive, immediate action was necessary.

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The letter was the latest evidence of the Vatican’s precarious financial situation, after years of mismanagement, financial scandals and budget deficits — all worsened by COVID-19 and the months-long closures of a key source of revenue, the Vatican Museums.

Already, Francis has cut the salaries of cardinals by 10%, suspended some seniority bonuses, trimmed special stipends for Rome-based cardinals and begun charging some market-rate rents for their apartments.

The pension fund has long been the source of particular concern, and in the new letter Francis acknowledged that the current analysis “indicates a serious prospective imbalance in the fund, the size of which tends to expand over time in the absence of intervention.”

“In concrete terms, this means that the current system is unable to guarantee in the medium term the fulfillment of the pension obligation for future generations,” he wrote.

As usual, “get woke, go broke”!

It never fails:

time to sell indulgences? #gowokegobroke
Vatican 'on brink of bankruptcy' as it struggles to pay pensions https://t.co/SHxpgMn9UB

— China_Meltdown (@TheAnalytic) December 2, 2024

Vatican ‘on the verge of bankruptcy’. #Vatican https://t.co/aDQHRMRUeS

— FightingOn_MC 🇺🇸✌🏼 (@FightingOn_MC) December 3, 2024

Hey Pope Francis,#GoWokeGoBroke

The #Vatican has a 23M euros operating deficit and it’s impacting their RETIREMENT funds.

What happened to the vows of poverty? What account did you use to pay off lawsuits?

Asking for a #Catholic https://t.co/kjXtGdHCou

— sdrepub (@sdrepub) December 3, 2024

And from Reuters:

Pope Francis said on Thursday the Vatican’s pension fund is facing a “serious imbalance” that may require changes to its operating structure, and appointed a senior cardinal to take over the fund’s administration.

In an unusual letter sent to all the world’s cardinals and to the leaders of the Vatican’s various offices, the pope did not quantify the scope of the issue.

He said the changes would include “making difficult decisions that will require particular sensitivity, generosity, and willingness to sacrifice on the part of everyone”.

Francis appointed Cardinal Kevin Farrell, an Irish-American prelate who has led the Vatican’s office for family issues since 2016, to take over as the fund’s administrator.
The pope has expressed uncommon concern about the Vatican’s budget several times in recent months. In October, he ordered the third reduction in three years for the pay packages of the cardinals who lead the Vatican. He has also asked them to pursue a “zero deficit” agenda.

The Vatican has not released a full budget statement in several years but is known to be facing a serious budget deficit.

The Vatican’s finance czar estimated in 2022 that the net liability of the pension fund for post-employment benefits amounted to some 631 million euros ($664 million).

The headquarters of the Catholic Church comprises two entities: the internationally recognised sovereign entity of the Holy See and the Vatican, a 108-acre city-state within Rome.

When did it all start to go wrong?

Here….👇

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