Years of Crisis
1557 : first bankruptcy
1560 : second bankruptcy
1566 : first stages of Revolt in the Spanish Netherlands
1568 : start of the Revolt of the Moriscos
Years of Triumph
1571 : defeats Turks at Lepanto
BUT : 1572 : second outbreak of trouble in the Spanish Netherlands. Problems until 1578
1573 : Tunis taken for Spain
1576 : large increase in bullion shipments to Spain from the South America
BUT : 1576 : Philip went bankrupt for the third time.
1578 : Farnese successful in Netherlands
1581 : Philip became king of Portugal
The decline of Spain
1586 : Elizabeth of England officially sent aid to the rebels in the Netherlands
1586 : Philip decided to invade England
1588 : the Spanish Armada.
1590 : Farnese invaded France - on the orders of Philip just as he was about to make majorprogress in the Spanish Netherlands. This enabled the rebels to re-group and recover from their losses. Farnese had to do the same on Philip’s orders in 1592.
1591 : the Revolt of Aragon
1596 : the fourth bankruptcy