In the 19th and 20th centuries, Mexico proved that debt can be repudiated
Date Written: 2017-03-25
Publisher: Europe Solidaire Sans Frontieres
Year Published: 2017
Resource Type: Article
Cx Number: CX21395
Mexico's past demonstrates that despite the domination of the major powers and international finance, a country can make major social advances.
Excerpt: Mexico is the only former colony which, in the 19th and the first half of the 20th century, won decisive victories over its creditors through its own determination. In 1861 Mexico repudiated a portion of the external and internal debt being demanded of the country and in 1867 overcame a large French expeditionary force. Under the pressure of an authentic popular revolution, starting in 1914 and for more than thirty years, Mexico once again suspended repayment of its debt. During that period, with popular mobilization and social progress reaching high and low points, profound economic and social reforms were put in place, and after the Second World War Mexico’s economy gained in strength.