If we thought the circumstances surrounding Pope Francis’ hospitalization with double pneumonia with a match of kidney failure were dramatic, we didn’t actually know half of it.
Today, before hospitalising dual pneumonia, Pope Francis was engaged in a fierce battle with some of his own top cardinals.
Francis had experienced solid resistance from them about how to block the expanding hole in the Vatican finances.
Reuters Report:
“Three days before hospitalization, Francis ordered the establishment of a new high-level committee to encourage donations to the headquarters of the Catholic Church of 1.4 billion. The new “Holy Sea Donation Committee” announced by the Vatican on Wednesday as Francis spent his 13th day at the hospital was formed after the Pope opposed the Vatican’s proposal to cut budgets from within the Curia of Rome. ”
In late 2024, the Vatican Director and Senior Cardinals argued against opposition spending cuts, particularly against the Pope’s plan for external funding to correct the deficit.
Read: In conflicting reports on Pope Francis’ status, Italian cardinal says now that the bishop may resign due to illness
Francis tried to revise his budget for years. He has cut Cardinals’ pay three times since 2021 and ordered a “zero deficit” agenda.
The Vatican has been operating in the deficit for years.
But add to that, add a completely different issue of growing liabilities within the Vatican mismanaged pension fund.
“The issue of budgets would force the Vatican to do a lot of things they don’t want to do,” said Pastor Tom Reese, a Jesuit priest and commentator who wrote about the Vatican finances. The Vatican may have to limit charity efforts and downsize diplomatic presence at embassies around the world, he said. “The Pope’s footprint can be significantly reduced,” Reese said. “If you can’t pay your bill, you can’t do a lot.” ”
The Pope recently proposed seeking external funding to balance costs and avoid staffing cuts.
However, several Cardinals questioned the movement, saying that “it could cause a conflict of interest for the Church.”
“The Vatican, a microstate within Rome, has limited financial options. No liabilities, sales obligations or collection taxes. Due to a 2010 financial contract with the EU, the Vatican is limited to issuing only a fixed amount of Eurocoins each year, initially set at 2.3 million euros.
Instead, the world’s Catholic headquarters have three major sources of income. Donations are required through the official Pope fund. It has an investment portfolio that includes stock investments and over 5,000 real estate, the majority of Italy. And it makes money from admission to the Vatican Museum. ”
The fear is that donors can stop sending money if they understand that it is being used on pension liabilities rather than church charity.
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