As per economia, over €1bn hidden off the Vatican’s books have been identified by Cardinal George Pell, the man charged with cleaning up its finances.
In its first financial statement published since the appointment of Pell, the Vatican announced that assets previously off the balance sheets amounted to €1.1bn (£776m), previously unannounced liabilities totalled €222m.
Pell was appointed by Pope Francis in an attempt to wrest Vatican finances out of the hands of Italian bureaucrats.
Off
balance sheet accounting, the hallmark an "honest" enterprise!
I dare
say that this is abut the tip of a very large ugly iceberg.
