VATICAN CITY
Bloomberg Businessweek
VATICAN CITY (AP) — The Vatican has registered one of its worst deficits in years, plunging back into the red with a €15 million ($19 million) deficit in 2011 after a brief respite of profit.
The Vatican on Thursday blamed the poor outcome on high personnel and communications costs and adverse market conditions.
Not even a €50 million gift to the pope from the Vatican bank and increased donations from dioceses and religious orders could offset the expenses and poor investment returns.
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