The Vatican is on the “brink of bankruptcy” and risks failing to meet its pension obligations, reports the British newspaper Express.
The Vatican is facing a financial crisis that could lead to bankruptcy and an inability to fulfill its obligations, including pension payments. Currently, the Vatican’s pension fund has a deficit of €631 million, which is considered an “astonishing” figure for a state with such status and influence. One of the main reasons for the financial difficulties is the sharp reduction in donations from Catholic churches and parishioners worldwide.
This situation is linked to growing discontent among the faithful, largely driven by reforms implemented by Pope Francis, as well as various scandals and corruption cases within the Vatican. In recent years, many Catholics have reduced their financial support, which has significantly lowered the income of the Papal State.
Furthermore, the Vatican has faced rising expenses related to maintaining its numerous charitable initiatives and programs. Many of these projects, including assistance for the poor and needy, are now at risk due to a lack of funds.
Leading experts warn that if the situation does not change, the Vatican may find itself unable to meet its financial obligations, including pension payments to employees and clergy.
The funding problems have been exacerbated by the global economic crisis, which has made it harder to collect donations not only for the Vatican but also for many Catholic churches worldwide. Amid the pandemic and economic turmoil, many believers have limited their financial contributions, putting additional pressure on the Vatican’s budget.
