The French invasion of Mexico (1861–1867), culminating in the famous Battle of Puebla (May 5, 1862), was driven by a mix of financial grievances, imperial ambition, and geopolitical opportunism.
After independence (1821), Mexico borrowed heavily from Europe. President Benito Juárez's liberal government (1858–1872) suspended debt payments in 1861 due to bankruptcy from the Reform War. France, Britain, and Spain formed the Tripartite Alliance and sent fleets to Veracruz to demand repayment.
Britain and Spain negotiated and withdrew (April 1862). Napoleon III stayed. He envisioned:
Mexican conservatives (defeated in Reform War) invited French intervention. They sought to overturn Juárez's liberal constitution (separation of church/state, land reform). Napoleon III promised to restore their privileges.
Napoleon III recruited Archduke Maximilian of Habsburg (brother of Austrian Emperor Franz Joseph) to be Emperor of Mexico. Maximilian accepted (1863), arriving 1864 with French backing.
On May 5, 1862, General Ignacio Zaragoza (Texas-born) led a poorly equipped, outnumbered Mexican force (~4,000) to a stunning victory over General Lorencez's French army (~6,000) at Puebla. It delayed the French advance on Mexico City by a year—but did not stop the invasion.
The Battle of Puebla was a morale victory, not a war-ender. France invaded for empire, not just debt—and Mexicans paid in blood to reclaim their sovereignty.