The Vatican, which is the global headquarters of the Catholic Church, may be on the brink of bankruptcy, according to the Daily Express.
A combination of factors brought about the crisis, but many blame the management of Pope Francis, who became the 266th pope in 2013.
A decade later, in 2023, the Vatican reported an operating deficit of $87 million.
The number had increased by $5.3 million in the span of a year.
This is one of the largest debts the Vatican has ever accumulated, and it jeopardizes the livelihoods of retired clergy and staff.
The Vatican is not exempt from experiencing the same financial crises as the rest of the world. It found itself embroiled in debt after the European recession in 2012 and once again during the COVID-19 pandemic in 2021.
One of the Vatican’s most valuable assets is its investments in gold. Because the price of gold has decreased in recent years, it leaves their economy vulnerable.
Despite these factors, many are placing the blame on Pope Francis, as his progressive policies are causing a rift with more conservative Catholics, in turn causing a decrease in donations.
Pope Francis has expressed his contemporary stance on issues like climate change, immigration, transgender rights, and the redefinition of family values.
Traditionalists have expressed frustration with this, alienating them from the Church as an institution.
Pope Francis himself has admitted the Vatican is in trouble, voicing: “The current system is unable to guarantee in the medium term compliance with pension obligations for future generations. We face serious and complex problems that risk worsening if not addressed in time.”