One of our Texan readers reminds us about the Mexican Independence was indeed – a Sovereign Debt Default. “Monday was Cinco de Mayo which Texans celebrate more than Mexicans. Little known fact that the war had its beginnings when the Mexicans declared a moratorium on foreign debt for two years. The British and Spanish negotiated a settlement, yet the French led by Napoleon III, chose to conquer Mexico instead. It is always about taxes and interest.”
