Mexican President Benito Juarez had notified France, England, and Spain that he would be postponing debt payments because of his country's desperate financial situation following the Reform War. France attempted to force the repayment by occupying Mexico, and wanted to establish a French empire in Central and North America. The Mexican army met the French at the Battle of Puebla on May 5th, 1862, the former holed up in two key forts north of the town of Puebla. The Mexican army won a decisive victory with French casualties nearly tripling their own, and they forced a vastly more advanced military force to retreat. May the 5th is now celebrated as Cinco de Mayo. Short lived victory. The French would end up having to go around Puebla and took Mexico City shortly after. Still though, it was a great day for the resistance movement. Archduke Maximilian Ferdinand was made Emperor of Mexico and publicly executed after a brief reign.