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Mexico suspends interest payments on it foreign debts and causes consternation in Europe

Benito Juarez, circa 1860, detail
07/17/1861
Benito Juarez, formally elected as president of Mexico in March 1861, was faced with a continued crushing debt and a new insecurity that the American Civil War promised on his northern border.  Mexico owed 82 million pesos, most of it in British bonds, and in order to gain some control over the economy, the Juarez administration suspended interest payments to Britain, France, and Spain.  This would result directly in the French invasion of 1862.  (By John Osborne)   
Source Citation: 
Brian R. Hamnett, A Concise History of Mexico (New York: Cambridge University Press, 1999), 162-163. 

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