Word: ambrosiano
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High-ranking Vatican sources have already suggested that Marcinkus will be staying behind when Pope John Paul II travels to Spain next month. The reason is that Vatican officials want the archbishop around to answer any questions that might arise concerning his role in the Banco Ambrosiano affair...
...much of Banco Ambrosiano does the I.O.R. really own? Italian financial sources suggest that I.O.R. ownership may run as high as 10%. Vatican officials insist that the figure is exaggerated, but have left open the possibility that the Vatican bank's ownership may exceed the officially reported...
...What is the Vatican bank's liability in the Banco Ambrosiano failure? The I.O.R. could find its creditworthiness undermined if it refuses to help make up the losses. Italian officials expect the Vatican to pay part of the losses...
...risk international finance? Pope Paul VI, feeling that the church should not only be poor, but be "seen to be poor," moved in 1969 to adopt a lower financial profile by relinquishing the church's controlling interests in Italian companies and shifting to investments outside Italy. Through the Ambrosiano scandal, Marcinkus has clearly raised the church's profile...
...financial adviser to the Vatican. Though he still insists that he was framed in the Franklin affair by powerful Italian state banking interests who would not produce documents that would clear him, he readily admits to being deeply involved in the events that led to the downfall of Banco Ambrosiano and its late president, Roberto Calvi. In a mild, authoritative voice that occasionally erupted into impassioned Italian, Sindona spoke at length with TIME Correspondent Jonathan Beaty, sometimes disputing versions of the story that have emerged thus far and offering revealing glimpses of its protagonists. Some of the statements of Sindona...