Spain's constant silver imports from the New World rapidly decrease the value of the Spanish currency and drive up inflation
1580
Philip II attacks the Ottomans, ending their alliance and crippling the Ottoman fleet.
The Spanish armada is destroyed at the hands of the English.
After a failed backing of an Irish rebellion and the prospect of being invaded by no less than three more capable empires, Spain is forced to renegotiate its debts.
Period: to
Plague ravages Spanish lands
Almost all Spanish soldiers in Cambodia are slaughtered, ending the Spanish-Cambodia War
Spain is bankrupted yet again, stopping the reconquest of the Netherlands
Portugal breaks free from Spain
The Spanish Netherlands are ceded to France, ending a brief period of time where Spain was beginning to recover.
Napoleon invades Spain, triggering a mass uprising of most of the remaining Spanish colonies and ending the recovering of the Spanish Empire.