Vatican denies book’s allegations of impending bankruptcy

epaselect epa07490010 Pope Francis during the Angelus' Prayer in St. Peter's Square, Vatican City, 07 April 2019. EPA-EFE/RICCARDO ANTIMIANI

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The Vatican dismissed allegations in a new book that the Holy See risks default in the next few years because of falling donations, financial mismanagement and corruption.

The 350-page book, “Last Judgment,” is by Italian journalist Gianluigi Nuzzi, and is his latest on Vatican finances.

Nuzzi writes that years of deficits may leave the Vatican little choice but to declare default by 2023.

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Italian journalist Gianluigi Nuzzi. EPA/MASSIMO PERCOSSI

At a news conference presenting the book, Nuzzi said he was a great admirer of Pope Francis and wanted to highlight alleged mismanagement blocking him from enacting long-lasting reform.

“There is no threat of default here. There is only the need for a spending review. And that is what we are doing,” was the Vatican’s reaction through Archbishop Nunzio Galantino.

Galantino is head of the Administration of the Patrimony of the Holy See (APSA), a general accounting office that manages real estate holdings in Rome and elsewhere in Italy, pays salaries of Vatican employees and acts as a purchasing office and human resources department.

Via Reuters

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