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he Vatican has found itself in an unprecedented financial crisis as of late and according to reports, it was caused by a decline in donations.
The Vatican, which is the global headquarters of the Catholic Church, may be on the brink of bankruptcy, according to the Daily Express. A combination of factors brought about the crisis, but many blame the management of Pope Francis, who became the 266th pope in 2013.
A decade later, in 2023, the Vatican reported an operating deficit of $87 million. The number had increased by $5.3 million in the span of a year. This is one of the largest debts the Vatican has ever accumulated, and it jeopardizes the livelihoods of retired clergy and staff.
Despite these factors, many are placing the blame on Pope Francis, as his progressive policies are causing a rift with more conservative Catholics, in turn causing a decrease in donations. Pope Francis has expressed his contemporary stance on issues like climate change, immigration, transgender rights, and the redefinition of family values. Traditionalists have expressed frustration with this, alienating them from the Church as an institution.
www.irishstar.com
The Vatican, which is the global headquarters of the Catholic Church, may be on the brink of bankruptcy, according to the Daily Express. A combination of factors brought about the crisis, but many blame the management of Pope Francis, who became the 266th pope in 2013.
A decade later, in 2023, the Vatican reported an operating deficit of $87 million. The number had increased by $5.3 million in the span of a year. This is one of the largest debts the Vatican has ever accumulated, and it jeopardizes the livelihoods of retired clergy and staff.
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Despite these factors, many are placing the blame on Pope Francis, as his progressive policies are causing a rift with more conservative Catholics, in turn causing a decrease in donations. Pope Francis has expressed his contemporary stance on issues like climate change, immigration, transgender rights, and the redefinition of family values. Traditionalists have expressed frustration with this, alienating them from the Church as an institution.
Vatican “on the brink of Bankruptcy” due to dramatic decline in donations
The Vatican has found itself in the middle of a critical financial crisis, which threatens to jeopardize the livelihood of retired clergy and staff worldwide
www.irishstar.com
