Word: pacelli
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Dates: during 1982-1982
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...Vatican's assets began to grow, Francis Spellman, an American bishop then living in Rome, urged Eugenic Pacelli, the Vatican Secretary of State and later Pope Pius XII, to set up a modern stock portfolio to manage the funds better. After Pacelli became Pope, he decided to set up a bank. The IOR, established in 1942, served to shield some Vatican money from war-torn Europe...