The new leader of the Catholic Church will inherit a financial mess that Pope Francis spent much of his reign trying to fix
Even during his death penalty, Pope Francis did not leave a number of campaigns, which he singled out his kingdom. The deteriorating the infamous troublesome finances of the Vatican. On February 27, the Patriarch, who suffered from exhaustion and bronchitis on February 27, revealed the formation of a high-level commission to raise donations to help chronic budget deficits. Francis has launched the Foundation Collection Enterprise, as a glamorous, aimed at the requirements of high-ranking officials in Kura, the leader of the world’s 1.3 billion Catholicos’ leadership to reduce deep expenses. The bureaucrats by the bypass of the Grandpa’s last Drakonyan. Since 2021 he will provide the salaries of 250 strange cardinals of the Church three times. In 2023, he was the rich subsidies of the Telitar Staff, and for the first time in September last year, it took the Vatican to make a strict schedule to reach the “zero deficit” regime.
When Pope Francis died at the age of 88, Easter Monday in his modest Vatican apartment, his brave campaign took great steps, but stopped by the promised lands.
This writer began to cover the right answer to the Pope during the right creation. At the beginning of 2014, I headed to Rome, the first and historical financial guard, as well as the influx of business experts, called the world. When Francis took over the post last year, what the Vatican was doing how the Vatican behaves needed for reservation. Leadership is dominated by the psychology of accounting and investment in investment. and a scandalous persistent reputation. The corruption stain, or at least incapacity left by Banco Ambrosiano Affain, when the Institute of Religious Affairs, the Vatican Bank, who is located in IOR, and emptied most of its reserves.
Days after his institution collapsed, Calvi’s body was found hanging under the Blackfriars Bridge of London. British courts have not been able to find out if the cause of death is suicide or murder. Calvi’s schemes were cheated on his “friend who was headed by Ig, Archbishop Paul Markinkus, who gave an interview in the 1980s in the ninner-century Gothic prison built by Pope Nicolas Wow. The six-footed eight-feet, called Gorilla, had risen from the power of a force in the Vatican as a bodyguard of Pope John Paul II. During our meeting, he was proud of the chain smoked camels and for hours how IOR is between the Vatican’s biggest moneymaker between the piguntees and other religious orders.
Strictojourne, Markinkus claimed that the debts of the bank, which were on behalf of IOR, and repaid only $ 250 million to preserve its image on behalf of Ior. The Italian government has recently arrested for Markinkus, who has exiled him for a year on the grounds of the Vatican, liberated, which perhaps explained the mood of his trio. “Can I be a lush banker,” he said to me. “But at least I’m not in prison.”
Francis quickly showed that he was a new type of leader in money
My sources were all business leaders who were newly appointed for the insulting assistance of the Pope. During the background, they initiated a sharp match in the summer of 2013, where Francis first addressed the level of its domain, which he considered the role of his chronically temptation as a commercial enterprise. The patriarch had appointed a team of seven business leaders from all over the world to show problems and give advice to broad renovation. They included the management of the Assets of the French Executive Fund, the General Director of the German Insurance Ergo, the General Director of the German Insurance Ergo, former Prime Minister of Singapore.
Instead of the Confab, the Renaissance Showcase, where the patriarchs traditionally welcomed the high-style visitors, the “Patriarch” on a five-story scale on the “Hayrapet” shitura collection of the five-story hotel. No religious art or object decorated the walls. The victory is dressed in a simple white Cossack and metal cross, the Pope took the “I boss” approach to the “I boss”, his guests can recognize their own lieutenants.
Being a fluent Italian, to stop the translator to repeat his words in English, the former Cardinal of Buenos Aires said his spiritual message was assured that the Vatican’s finances had to be sure. The Vatican did not overcome the practices and intrigues of the centuries of privacy, or for effective management or comprehensive accounting for which it was spent. His main mission, the new grandfather stressed, helped the poor and insecure. The Vatican’s budget from fibers would make sure that the goal has been disrupted by preventing charity. “When the administration’s fat is unhealthy,” he said, adding that he wanted a far away organization that will prove “self-defense.” It takes strict rules and protocols there.
In particular, the Patriarch and the leaders continued to dominate fixed prices when businesses had to eat unnecessary billings. From now on, he urged when the Vatican received a bill for a project, where it is a contractor who is legitimate responsible for additional costs. “We don’t pay.” Like a wonderful director, the Pope plotted a clear strategy. Because the participant described the command. “Let’s make money for the poor.” Francis ended intonning. Pope Francis was a microculician who studied the balance sheets, but he was a leading specialist to create clear goals and a specialist to meet them. Then, he left the room without accepting any questions.
On the finances, Pope Francis proved the largest of all holy reformers. But the causes of the Vatican budget continue to this day
After the meeting, this prestigious council helped to create radically new architecture, which is not by religious leaders who will work for the car for centuries, but seasonal managers and consultants from all over the world. The new regime hired KMPG to install an international accounting principles that replace the old crazy atmosphere of international standards Plaster: To inspect children and utilities and utility services and Delito & Touche and Spencer Stuart, accordingly, fresh auditing audit audit audit and recovery of fresh talent in the Vatican Bank. Pope Francis also created a new body called the Secretariat of the Economy, which focused on all authorities under one agency and leader. Today, a high-ranking official is Mit Grad, who held a long career in the management of church Catholic universities and famous institutions.
More tough control brought new discipline to return fleeing expenses and promotion investment, but did not end the long-term history of the Vatican through praise errors. In 2014, Cardinal, who served as a second classification of the State State State, which certifiedly strengthened a large-scale Italian large magnate to buy shares in the London building. The Secretariat later controlled the property for about $ 400 million, and then sold it in case of $ 150 million in damage. The investigation launched in 2019 has found that many million euros have disappeared into kickbacks and self-defense. But this time the authorities have caused tough justice. The Vatican courts sent eight people, including the cardinal from prison, and fined the fines on two others.
Immediately after taking power, Pope Francis commanded to hire a freezing, which remains in force so far. Indeed, his strategy for narrowing labor was succeeded. But the Vatican is still being prosecuted with the overload of its inherited pension plans. The Vatican’s financial world is divided into two parts. The first is the city of the city, the sovereign country of the 110-aspiral, which is generally budgeted on the scale of the average municipality, operates on the Big Income of the Vatican Museum.
The second is a sacred or Kuria, the Pope’s Stem Bureaucracy, which does everything from detective work to act the equivalent of embassies in three dozen countries, such as “congregations” like nine cabinets. It is forever deficit. Again, mostly what is indebted to the legion of retirees. In recent years, Curia spends about $ 800 million a year and $ 900 million, while building more than $ 50 million structural deficits. And this is after the operating expenses allocates tens of millions of dollars in Peter’s Pence. This collection collected by the baskets, which were crossed by church corridors from Sydney to Warsaw, celebrating the Lattery Peter and Paul in late June. Once the world’s loyal, rich and poor, send money to the Vatican resistant.
The late Patriarch always wanted to protect Peter Pence exclusively to support the poor. It was a goal that he cherished, but he did not live. Still, Pope Francis caused a miracle, which brings transparency, jurisdiction and integrity to the most famous Byzantine corner of the financial world. During the final days, the patriarch of his hospital continued to fight for the Vatican’s reform, which raised the voice money management as the role of his model and name, the Italian Friar, the 13th century Italian FRIAR. Only if his successor shares a rare French knife for a business strategy, the case will end.
This story was originally shown Fortune.com
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