Spanish Bankruptcy and Saint-Quentin
August 10, 1557
Philip II defeated the French at Saint-Quentin and captured the constable of France, but his triumph was undercut within months by the first Spanish royal bankruptcy. Flemish bankers to whom he owed millions groaned. The new king of Spain, fresh on the throne, learned that his silver could not keep up with his armies.
In context
Also in 1557 (3 other events on record)
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Before and after in Europe
Before and after in War
Era
Renaissance (1501–1650), one of 715 events from that era on Saeculum.