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At the height of their power, they were very wealthy. However, the money was being spent almost as fast as it was coming in. Spain maintained an army of occupation, of 80,000 men in the lowlands (Netherlands, Belgium). She fought the Ottoman Empire in Central Europe. She lost some of her treasure, but by no means all, to pirates. Spain had to declare bankruptcy in 1557, 1560, 1575, and 1596. In 1898, Spain lost Cuba and the Philippines to the US, and in the 20th century, her colonies in Africa.

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12y ago

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