How did Spain manage to go from being the richest state in Europe during the first half of the XVI century to declaring bankruptcy multiple times in 1557, 1560, 1576, 1590 ?

by hrdlg123

This has always fascinated me, as Spain was an established global empire that had the vast riches of the Aztecs, Mayans and the Inca empires, yet it somehow managed to be incapable of managing its finances to the point of being bankrupt.

albacore_futures

See this thread by u/mikedash as we await newer replies.