Cinco de Mayo: Celebration of kicking a French bill collector's ass

Long or Short Capital gives some historical detail on Cinco de Mayo that's generally lacking from most descriptions (with a little bit of exaggeration and humor). It's not a celebration of Mexican independence, but of a successful victory by Mexican forces led by General Ignacio Zaragozea Seguin against French occupation forces at the Battle of Puebla on May 5, 1862.

The Mexican government owed money to the English, the Spanish, and the French, and was late on debt payments. All three creditors sent armed representatives to Mexico. The English and Spanish were successfully negotiated with, but the French decided to obtain repayment by taking possession of Mexico, and sent a large military force. General Zaragoza led a force of Mexicans and Indians and were victorious.