Venezuela misreads the Monroe Doctrine

President Cipriano Castro refused foreign debts and compensation claims in the belief that Washington would prevent European military intervention. Roosevelt instead treated the Monroe Doctrine as a barrier to permanent territorial seizure, not to coercive action intended to recover money. European powers could therefore apply force so long as they did not annex Venezuelan territory. Britain joined partly to ensure that Germany did not acquire a Caribbean foothold under cover of debt collection. Castro's policy shows the danger of relying on a security guarantee whose guarantor interprets it very differently.