If the Vatican were a business

Vatican posts financial loss for third year in a row

Excerpt:

The effects of the global financial crisis put the Holy See's budget in the red for the third consecutive year, the Vatican said in a statement on Saturday.

The Holy See ended the year 2009 with a loss of 4.1 million euros (5.2 million dollars), compared to its loss of 911,514 euros in 2008. In 2007 it had lost nine million euros.

Over the course of the year, the Vatican spent 254.2 million and had income of 250.1 million euros.

In 2009, the Vatican absorbed "the negative fluctuations that had been suspended in 2008," the statement said.

Vatican Radio said that the Holy See would have posted a profit, had it not been for the absorption of 2008 losses.

Donations from churches around the world to the Holy See, also known as Peter's Pence, grew to 82.5 million dollars, compared to 75.8 million dollars in 2008.

The largest donations came from the United States, Italy and France, the statement said.

Comment: Either Queen Elizabeth II or the Vatican is probably the largest land holder in the world!