In his analysis of the new Vatican financial statement, journalist John Allen noted that “for the first time it includes not just the Roman Curia but virtually every outfit that flies under the Vatican flag, with the number of entities covered rising from 60 in past statements to a robust 92 this time around.”

“The bad news is that to bring over-spending under control the Vatican is selling off about $20-$25 million of its patrimony every year, which means it’s cutting not just fat but muscle,” writes Allen. “There’s also a ticking time bomb in the form of the Vatican’s pension fund, which lacks the resources to cover the costs of a rapidly aging workforce nearing retirement.”