Las Objectiones al Convenio Montes de Oca-Lamont
Mexico: "Cultura" 1931. First edition. Softcover. Small quarto. 84pp. Original printed wrappers. This scarce work in which the author objects to the Montes de Oca-Lamont agreement assesses the extent to which bankers approached sovereign debt defaults during the interwar period according to norms established during the nineteenth century. Bankers treated postrevolutionary Mexico as a hybrid, that is, as a case of both developmental and revenue default, in Fishlow's taxonomy, in the interest of protecting the rights of bondholders generally. Their approach led them to reject the argument of US ambassador to Mexico (and former Morgan partner), Dwight W. Morrow, that a government could be financially insolvent. Mexico defaulted on its external debt in 1914, as the government ran out of funds during the revolution, and then went through a series of debt renegociations followed by defaults during the 1920s. The Montes de Oca-Lamont agreement was the third attempt to resolve this problem. Wrappers age-toned, with sporadic tiny closed tears along edges. Very minor age-toning along paper margin. Text in Spanish. Wrappers in overall fair to good, interior in good+ to very good condition. g. Item #33904
Price: $75.00