Yes, these days even the Vatican is in the red--even with a €50 million gift from the Vatican bank this year. "The Vatican has registered one of its worst deficits in years, plunging back into the red with a €15 million ($19 million) deficit in 2011," reports The Associated Press, which adds that the Vatican blamed the deficit on "high personnel and communications costs and adverse market conditions." Those costs, the AP adds, were enough to outweigh a hefty €50 million ($62.2 million) donation from the financially murky Vatican bank and increased donations.
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Alexander Abad-Santos
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