In the mid-1860s, an important epochal shift began to take place in international debt rescheduling. Notable changes included the formation of the Council of the Corporation of Foreign Bondholders, a grouping that increased lenders' resources, giving them an opportunity to obtain better settlements. In addition, France's military defeat by Prussia in 1871 left Britain as the dominant creditor government in international finance until the late 1880s, when Germany entered the competition for sovereign lending.

I divide the second epoch into five major periods. The first period is marked by the reforms of 1867–1876 that followed Maximilian's overthrow. The second begins in 1877 with the onset of the Porfiriato and concludes in 1886 with a major debt settlement. The third period, from 1888 to 1893, was a period of improved Mexican creditworthiness. During the fourth period, 1894 to 1910, lending to Mexico reached its zenith. The fifth and last period, 1911 to 1914, encompasses Díaz's fall from power in 1911, Madero's controversial succession, and Mexico's struggle with yet another revolution.

Period one, 1867–1876: conflict with creditors

After the displacement and execution of Maximilian, Juárez assumed the presidency, and along with it, an empty treasury. Because nearly all of Mexico's customs revenues had been pledged to its creditors, Juárez repudiated the obligations incurred under Maximilian soon after taking power. In particular, Juárez refused to accept Mexico's obligations on both 6% loans of 1864 and 1865, and on the 1864 conversion of arrears.