Vatican deficit blamed on 'global crisis'

With all the buzz over the meta-economic story, Benedict XVI's encyclical and the global economy, you might have missed the micro-economic story: Vatican City reports $22 million deficit. Vatican City is the secular state.

News was a bit brighter for the Holy See, the episcopal jurisdiction of the pope, reported a loss of merely $1.3 million, down from $14 million in 2007.