Drago Doctrine

This doctrine stated that simply failing to repay national debt was not a valid reason for foreign intervention, especially by a power outside of the Western Hemisphere.

In order to prevent further interventions, the United States took control of the customs of several Latin American countries to ensure debt payments were made to Europe.

Drago was responding to a tension between the Monroe Doctrine keeping Europe out and the European demand for repayments of debts.

"[1] Roosevelt himself, although he would lavish praise on Drago's doctrine in later years, had earlier written in his capacity as Vice President to the German diplomat Hermann Speck von Sternburg that "if any South American State misbehaves towards any European country, let the European country spank it.

"[1] The Drago Doctrine was used by Venezuela as a rationale for its vote in support of Argentina at the Organization of American States meeting on the Argentine debt crisis that involved NML Capital.