Pope Finds 100s Of Millions Of Euros “Tucked Away”; Freezes Ex-Vatican Bank Heads Assets

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. Continue reading

Vatican bank president’s links to warship manufacturing blindsides Holy See

In the Vatican there’s a German pope, a German bank president with connections to German aristocratic families as well as a German military connection. Is history repeating itself?

ATICAN CITY — The Vatican was drawn into a new controversy Friday after acknowledging that its bank’s new president is also chairman of a shipbuilder making warships — a significant conflict for an institution that has long shunned ties to military manufacturing.

The Vatican announced to great fanfare that Pope Benedict XVI had signed off on one of the last major appointments of his papacy, approving Ernst von Freyberg as president of the Vatican’s bank, officially known as the Institute for Religious Works.

The Vatican spokesman was caught off-guard, though, when a journalist noted that the German shipbuilder von Freyberg chairs, Blohm + Voss, is known for its military ship construction. Continue reading