In 1861 Mexican president Benito Juárez declared a moratorium on the country's debt as it was effectively bankrupt. The country's creditors, led by Napoleon III decided to take military action. On 10 June 1863 French troops, commanded by General Élie Frédéric Forey, captured Mexico City. A Council of Regency and Assembly of Notables were summoned, and on 10 July offered Maximilian the Imperial Crown.