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Philip's first wife, Maria of Portugal, died in 1545 from giving birth to Don Carlos.
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The marriage between Mary I and Philip II could have brought England into the possession of the Habsburg family but they failed to produce a child.
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One of his first acts as monarch, in 1557, was to restructure the debt inherited from his father in what is usually called a bankruptcy.
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Philip spent lots time trying to secure Habsburg possessions in Italy and bring conflict to an end with France. He did this by signing the Treaty of Cateau-Cambrésis.
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Protestants swept through the catholic churches, angering Philip II. He sent the army to punish the rebels.
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After finding out about his son siding with the Dutch Philip II imprisoned Don Carlos, and he died six months later.
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The naval war between the Spanish and Ottoman empires peaked in 1571 at the Battle of Lepanto. At that Battle the Spanish navy crushed the Ottomans which ended the Ottomans threat to southern Spain.
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Philip II borrowed money from German and Italian bankers and payed of debt by sending whatever silver was brought in they sent it it to Germany and Italy.
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The issue of not having a male heir was solved when Anne of Austria gave birth to a boy, Philip III.
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The Spanish Armada proved Philip II's inability to subdue the English, and he failed to suppress the revolt of the Netherlands.