In 1575, the most powerful monarch of Europe, the King of Spain, Phillip II, decided to terminate the services of his Genoese bankers. On the international markets, he controlled silver but not gold or bills of exchange. The Genoese blocked the circulation of gold, and the King's unpaid Spanish troops–fighting for the Catholic faith in the Low countries–mutinied and sacked Antwerp in November 1576. The King was obliged to restore Genoese control the following year.
The Age of the Genoese
The Age of the Genoese
The Age of the Genoese
In 1575, the most powerful monarch of Europe, the King of Spain, Phillip II, decided to terminate the services of his Genoese bankers. On the international markets, he controlled silver but not gold or bills of exchange. The Genoese blocked the circulation of gold, and the King's unpaid Spanish troops–fighting for the Catholic faith in the Low countries–mutinied and sacked Antwerp in November 1576. The King was obliged to restore Genoese control the following year.