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European Journal

Slovenia: When priests gamble

Since the fall of Communism, Slovenia's Catholic Church had built up a business empire. But it collapsed like a house of cards when the financial crisis struck.

The archdiocese of Maribor, in particular, went out on a limb with risky financial transactions. The once-rich parish in the country's second-largest city could lose its bishopric status along with church buildings. The members of the congregation, who also lost money, can hardly believe how carelessly the clergy speculated on the financial markets.