The Vatican could be going bankrupt

Pope Francis raised the alarm on the financial situation of the Vatican in a November 19 letter addressed to the College of Cardinals and to the Prefects and Heads of the Offices of the Roman Curia. Along with other institutions connected with the Holy See.

“We are now all fully aware that urgent structural measures are needed, which can no longer be postponed, to achieve the sustainability of the Pension Fund”, the letter reads.

In his missive, the Holy Pontiff explains that these concerns are “in the more general context of the limited resources available to the entire organization” and should seek “appropriate social security coverage for current and future employees, in a perspective of justice and equity between the different generations”.

The Pope then underlined that "it is a question of making difficult decisions that will require particular sensitivity, generosity and willingness to sacrifice on the part of everyone".

The management of the Pension Fund is a topic that had already been discussed in a previous letter of September 16. There, the concept of “zero deficit” was strongly emphasized as an objective to be pursued to ensure economic stability in the Vatican.

Despite the ensuing cuts, the situation does not seem to have changed. The Pope was pushed to make an unexpected decision: the appointment of Cardinal Kevin Farrell (pictured) as sole director of the Pension Fund.

For Pope Francis, Cardinal Kevin Farrell's appointment is an “essential” choice to address the challenges regarding future changes to the Vatican's pension system.

In response to the Pope's letter, on the website of ADLV, the Association of Vatican lay employees, we read the first complaints from employees who feel “exhausted by the cuts” and frustrated by their unheard requests.

Among the requests of the ADLV, is access the financial data, since it's not public and, therefore, cannot be consulted. “Who certifies a possible liability?”, asks the association.

“The vast majority of Vatican employees have already tightened their belts. The cut of two years of seniority for many will have a heavy effect: up to 20 thousand euros at the end of their careers”, the ADLV writes on its website.

According to lay Vatican employees, the Secretariat for the Economy should focus on how to increase revenues in the Holy See.

At the same time, any cuts should no longer affect the staff, since they are already in a dire economic situation.

While the Pope asks for everyone's collaboration in this new and inevitable path of change in his letter, the organization representing the Vatican lay employees asks for a reception to discuss the current situation.