Bishop cuts priests wages after losing millions

31 March 2005

MADRID-A Spanish bishop has cut the salaries of his parish priests to make up the several million euros his diocese lost on poor stock market investments.

Bishop of Castellon Juan Antonio Reig lost up to EUR 10 million in 2002-2003 when stock markets plunged, the Spanish daily El Mundo paper reported.

No spokesman for the Castellon diocese was available to comment on the report
Thursday.

Parish priests in the eastern Spanish diocese had their salaries cut by 30 percent in January and were advised to make up the difference by placing collection boxes in their churches, the newspaper said.

Some 20 priests complained about the poor financial management, noting a
lack of transparency from the bishop.

One of them, Alvaro Miralles in the town of Vilafranca, had his monthly pay
reduced to 295 euros from 520.

“The stock market is an institution whereby rich people earn money and poor
people lose it,” he said, adding that the financial markets were not made for
the Church.

[Copyright EFE with Expatica]

Subject: Spanish news