Religious leaders in Puerto Rico condemn austerity, ask Fed for help

CNBC

Jessica DiNapoli

NEW YORK, Aug 31 (Reuters) - Religious leaders in Puerto Rico called on Monday for the island's government and its lenders to avoid austerity measures and for the Federal Reserve to step in with assistance.

 The religious leaders on the mostly Catholic island, working with Jubilee USA Network, a religious development organization in Washington, D.C., want a solution to Puerto Rico's debt crisis that invests in the island's economy, does not hurt the poor and brings about more budget transparency, according to a statement.

 Puerto Rico is working to restructure $72 billion in debt, and is considering reducing expenses through measures such as cuts to healthcare and consolidating and closing schools. A working group had been slated to deliver a so-called debt adjustment plan on Sunday or Monday, but will hold off until as late as Sept. 8.

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