From the marble columns of St. Peter's Square to the fabulous museum collections to the rumored trove of stocks it holds, the Vatican would seem to be the epitome of wealth. Last week, for the first time, the Holy See made a public accounting of its cash flow, in the form of a summary of expenses and income for 1986. The surprising news is that the ancient institution is gradually going broke.
The trouble stems from the swelling bureaucracy following the Second Vatican Council. When deficits began looming in 1981, Pope John Paul named a council of Cardinals to seek remedies....
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