As previously discussed here, it’s odd nobody read between the lines in the media spin right away. Now it’s gaining a bit of traction — and Zero Hedge is usually one of the first to be ahead of the trend.
It’s a miracle… The Vatican’s economy minister has said hundreds of millions of euros were found “tucked away” in accounts of various Holy See departments that were previously not counted on the city-state’s balance sheet. “In fact, we have discovered that the situation is much healthier than it seemed,” noted Australian Cardinal George Pell, adding that “it is important to point out that the Vatican is not broke.” Indeed a miracle – like hookers-and-blow in GDP data? However, the Vatican finances remain in darkness as Reuters reports, the state’s top prosecutor has frozen 16 million euros in bank accounts owned by two former Vatican bank managers and a lawyer as part of an embezzlement investigation into the sale of 29 Vatican-owned real estate in the 2000s.
The Holy See is ‘miraculously’ doing quite well… (via Reuters)
The Vatican’s economy minister has said hundreds of millions of euros were found “tucked away” in accounts of various Holy See departments without having appeared in the city-state’s balance sheets.
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“In fact, we have discovered that the situation is much healthier than it seemed, because some hundreds of millions of euros were tucked away in particular sectional accounts and did not appear on the balance sheet,” he wrote.
“It is important to point out that the Vatican is not broke … the Holy See is paying its way, while possessing substantial assets and investments,” Pell said, according to an advance text made available on Thursday.
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But there remains the ongoing issues of total fraud and malfeasance in the city-state’s financial organizations (via Reuters)
The Vatican’s top prosecutor has frozen 16 million euros in bank accounts owned by two former Vatican bank managers and a lawyer as part of an investigation into the sale of Vatican-owned real estate in the 2000s, according to the freezing order and other legal documents.
Prosecutor Gian Piero Milano said he suspected the three men, former bank president Angelo Caloia, ex-director general Lelio Scaletti, and lawyer Gabriele Liuzzo, of embezzling money while managing the sale of 29 buildings sold by the Vatican bank to mainly Italian buyers between 2001 and 2008, according to a copy of the freezing order reviewed by Reuters.
Full article: Pope Finds 100s Of Millions Of Euros “Tucked Away”; Freezes Ex-Vatican Bank Heads Assets (Zero Hedge)
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