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Why Not Default?$
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Jerome Roos

Print publication date: 2019

Print ISBN-13: 9780691180106

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691180106.001.0001

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The Rise of the Bankers’ Alliance

The Rise of the Bankers’ Alliance

Chapter:
(p.147) Ten The Rise of the Bankers’ Alliance
Source:
Why Not Default?
Author(s):

Jerome Roos

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691180106.003.0011

This chapter details how the growing dependence of the Mexican state on credit contributed to the rise of a domestic “bankers' alliance” made up of financial elites and orthodox technocrats who gradually found their position strengthened as the crisis deepened, allowing them to effectively sideline the national-popular wing of Mexico's one-party regime. The strengthened position of these groups led to the steady internalization of fiscal discipline into the Mexican state apparatus, ensuring continued debt servicing and a cooperative stance vis-à-vis foreign creditors even in the absence of outright external impositions. This turn toward compliance was eased by the fact that popular opposition to continued debt servicing remained relatively muted due to the cooptation of the main labor and peasant organizations and the absence of powerful popular mobilizations against austerity.

Keywords:   Latin America, financial crisis, debt crisis, bankers' alliance, debt servicing, Mexico

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