Report: Pope Francis Uses Charity Fund to Paper Over Scandal-Plagued Vatican on Verge of Bankruptcy
Donations collected by Roman Catholics for the poor are being funneled to a cash-strapped Vatican that has spent itself into near insolvency, according to a report published by the Wall Street Journal.
Pope Francis’ charitable fund for the poor, which is called Peter’s Pence, is being pilfered to paper over the Vatican’s budget woes. As little as 10 percent of the money is being spent on actually helping the needy while about two-thirds are being used to keep the Vatican afloat, the report claims.
The WSJ said that the Vatican’s use of the funds “is raising concern among some Catholic Church leaders that the faithful are being misled about the use of their donations, which could further hurt the credibility of the Vatican’s financial management under Pope Francis.”
The website for Peter’s Pence claims that the fund will be used on humanitarian causes, and does not mention administrative fees for the Vatican.
“These collections and donations by the individual faithful or entire local churches raise the awareness that all the baptized are called to materially sustain the work of evangelization and at the same time to help the poor in whatever way is possible,” the site says.
″It is an ancient practice which began with the first community of the apostles. It continues to be repeated because charity distinguishes the disciples of Jesus,” the site adds.
They use words uttered by Jesus Christ transcribed in the Gospel of John to promote their cause: “From this, they will all know that you are my disciples, if you have love for one another.”
Pope Francis also offers excuses for the way the money is being spent.
“When the money from Peter’s Pence arrives, what do I do? I put it in a drawer? No. This is bad administration,” Francis said. “I try to make an investment, and when I need to give, when there is a need, throughout the year, the money is taken and that capital does not devalue, it stays the same or it increases a bit. This is good administration.
“And yes,” Francis added. “One can also purchase a property, rent it and then sell it—but on a sure thing, with all the safety measures for the good of the people and of Peter’s Pence.”
The Vatican has been running in the red for quite sometime and even risks defaulting on their debt due to their reckless fiscal policies. They have also been plagued by financial scandal in recent months:
The Vatican hasn’t published a budget since 2015 and has been without an in-house auditor or economy minister for more than two years, fueling conspiracies about its financial health.
Those conspiracies have only grown following a new financial scandal that erupted this month, after Vatican police raided the secretariat of state and the financial intelligence unit in search of documentation about a problematic 150 million-euro London real estate investment.
The search warrant, excerpts of which were published this weekend by L’Espresso magazine, alleges fraud, money laundering and abuse of office connected to the London venture and efforts by the Vatican to renegotiate the terms and identify money managers who were fleecing the Holy See in the deal…
The scandal is the latest to draw attention to the opaque finances of the central government of the 1.2-billion strong Catholic Church, which is funded not by taxes but from donations and revenues from the Vatican Museums, real estate and other money-making ventures in the city state.
Galantino, head of the APSA administrative office, confirmed the Vatican owned 2,400 apartments and 600 commercial spaces in Rome and nearby, 60% of which are rented to Holy See employees at a reduced rent as part of their benefits.
The Catholic Church is going awry under the leadership of Pope Francis, who has pushed globalism while rehabilitating predator priests.