By Jacob Goldstein
Speaking of sovereign debt crises: Happy Cinco de Mayo!
Our blog post begins in 1861, when President Benito Juarez said Mexico would temporarily suspend payments on its foreign debts. As the IMF hadn't been invented yet, Britain, Spain and France responded by invading Mexico.
On the whole, it did not go well for Mexico: The French wound up conquering the nation and installing an emperor.
But along the way, the Mexicans won a great victory at the Battle of Puebla on May 5, 1862. That's the cinco de mayo in Cinco de Mayo.
The emperor, by the way, was deposed and executed in 1867. That year, Mexico repudiated its foreign debts altogether.