No nation of Catholics gives their church more money than Americans do, a fact universally (though sometimes grudgingly) acknowledged in Rome. Yet Vatican finances have begun to suffer from America’s recent economic troubles.
A cardinals’ advisory committee on Holy See finances released a report today showing that the U.S. was the top contributor nation ($19 million, or 29% of the total) to the Holy See’s charitable spending in 2007, and came in second (after Germany) in contributions to the support of the Holy See itself.
But after three years in the black, the Holy See ran a budget deficit of $14.3 million in 2007, largely on account of its large position in the floundering dollar. Returns on financial investments in 2007 amounted to only âÂ?¬1.4 million, down from to âÂ?¬13.7 million the year before.