Religious Leaders Call on Fed to Save Puerto Rico

U.S. News & World Report

By Andrew Soergel

A group of Puerto Rican religious leaders have called on the U.S. Federal Reserve to "arbitrate" the commonwealth's debt dilemma only a day after Puerto Rican officials pushed back a crucial restructuring deadline.

The interdenominational collection of 18 Christian leaders, in conjunction with Washington-based nonprofit Jubilee USA Network, issued a statement Monday lambasting the implementation of budget-restricting austerity measures as part of any potential solution to the island's sizable debt crisis.

"As a society, we cannot allow more austerity measures that adversely affect the poor and needy in Puerto Rico," the statement said. "Those who lend money at high interest rates knowing that it is a heavy burden to the fiscal health of the people have no moral strength to demand austerity measures affecting essential services, jobs and opportunities of an economic resurgence."

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