Vatican Denies Book's Allegations of Impending Default

The Vatican on Tuesday dismissed allegations in a new book that the Holy See risks default in the next few years because of falling donations, financial mismanagement and corruption, Reuters reported. The 350-page book, “Last Judgment,” is by Italian journalist Gianluigi Nuzzi, and is his latest on Vatican finances. Nuzzi writes that years of deficits may leave the Vatican little choice but to declare default by 2023. “There is no threat of default here. There is only the need for a spending review. And that is what we are doing,” said Archbishop Nunzio Galantino. Galantino is head of the Administration of the Patrimony of the Holy See (APSA), a general accounting office that manages real estate holdings in Rome and elsewhere in Italy, pays salaries of Vatican employees and acts as a purchasing office and human resources department. Read more