'Fighting for Their People,' Puerto Rico's Faith Leaders Condemn Austerity

Common Dreams

Deirdre Fulton

Denouncing new austerity plans and proposed "fiscal adjustments" that they say will adversely impact Puerto Rico's poor and needy people, the island's faith leaders on Monday called for debt relief and a resolution to the financial crisis that eschews further austerity.

With a working group restructuring plan due to be delivered to Gov. Alejandro Garcia Padilla on or before September 8, the letter from religious leaders (pdf) comes as the U.S. territory struggles to address crippling debt and double-digit unemployment.

Two recent reports, one commissioned by a group of hedge funds who purchased the island's distressed debt and the other authorized by Puerto Rico's own government, suggest new austerity plans to pay off portions of the debt—including reducing the minimum wage along with cuts to education and healthcare programs.

Continue reading...