Secrets of the Vatican
2005-04-06 14:49
Vatican - The Vatican state with barely half a square kilometre is the world's smallest country.
The enclave on the Vatican hill in north-west Rome is a sovereign state and is headed by the pope. By virtue of his office, the pontiff has one of the world's largest fortunes at his disposal.
The Vatican state has its own government, jurisdiction and small army. Apart from that, the Holy See has diplomatic relations with nearly 180 countries around the globe. About 900 people, mainly clergy and members of the papal guard, live within its boundaries.
St Peter's Basilica is the Vatican's most famous building, adjoined by the papal palace with more than 1 000 rooms.
The historic edifice with fortress walls dating back to the 16th or 17th centuries gained independent status in 1929 after the conclusion of Lateran Pacts with Italy. On February 11, Pope Pius XI and Benito Mussolini created the Vatican in its current dimensions and secured additional sovereignty rights and buildings.
They include the pope's summer residence in Castel Gandolfo, office buildings, palaces and cathedrals in Rome.
The Vatican's assets are a well-kept secret but one which is the topic of much speculation. Estimates range from $1.5bn to $15bn and more. They include works of art and buildings which for the most part cannot be sold.
Large parts of the Vatican's assets are in securities and gold reserves. Additional assets are in rental revenues, the sale of coins, stamps and souvenirs as well as monies from church taxes in the dioceses and the so-called Peter's penny - a special, annual collection for the pope.
Despite the wealth, the Vatican's budget has shown a deficit of several million dollars since 2001 but which is secured by assets. - Sapa-dpa
- SAPA