Media: Vatican is on the brink of bankruptcy

Vatican. Photo: Strana

The Vatican is facing a serious financial crisis and the risk of bankruptcy due to a collapse in income, reports Strana, citing Express.

According to the publication, the Vatican's operating deficit in 2023 reached 83 million euros, which is 5 million more than the previous year. The main reason for the worsening financial situation is the decline in donations from Catholic churches and the general public worldwide.

The decrease in donations is caused by the disappointment of many Catholics with Pope Francis' reforms, as well as a lower level of visits to the Vatican compared to the pre-pandemic period.

Donations are one of the three key sources of income for the Holy See, along with income from property sales and museum tickets. However, the reduction in the flow of tourists and pilgrims has significantly affected the financial stability of the city-state.

Additionally, the situation is worsened by a significant shortfall in the Vatican's pension fund, which is currently estimated at 631 million euros, notes Express.

As reported by the UOJ, the Vatican Bank reported a profit of 30.6 million euros.

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