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What was the outcome of the financial crisis in Spain?

A. Philip II could not pay off his debts and had to declare bankruptcy.
B. Philip II had to hire a financial advisor to preserve the Spanish economy.
C. The Spanish people revolted against Philip II.
D. Philip II took a loan from Elizabeth I of England to pay off his debt.



Answer :

GinnyAnswer

Final answer:

The financial crisis in Spain led to a weaker state, loss of territories, and Philip II's failed invasion of England with the Spanish Armada.


Explanation:

The outcome of the financial crisis in Spain was that Spain emerged as a weaker and poorer state, with losses of territories in Portugal and the Netherlands. This crisis was further exacerbated by Philip II's failed attempt to invade England with the Spanish Armada, resulting in a significant financial and military setback.

Furthermore, structural reforms were implemented in various sectors like the economy, labor, and education to address the deep-rooted issues contributing to Spain's financial difficulties.


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