Jump to ContentJump to Main Navigation
Why Not Default?$
Users without a subscription are not able to see the full content.

Jerome Roos

Print publication date: 2019

Print ISBN-13: 9780691180106

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691180106.001.0001

Show Summary Details
Page of

PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 28 May 2022

The Rise of the Bankers’ Alliance

The Rise of the Bankers’ Alliance

(p.147) Ten The Rise of the Bankers’ Alliance
Why Not Default?

Jerome Roos

Princeton University Press

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

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.