Drake’s Caribbean expedition caused a collapse in Philip II’s credit and banking panic

Evidence

The capture of Santo Domingo and Cartagena proclaimed to the world how weakly Philip’s American empire was defended, how vulnerable were its principal cities and the treasure flow that depended upon them. The king’s credit, upon which his military campaigns were founded, temporarily collapsed, and he was rumoured to be almost bankrupt. The bank of Seville broke, and that at Venice tottered. — John Sugden, Sir Francis Drake, 826

Categorization

• corroborated: 2 independent passages support this claim — John Sugden, Sir Francis Drake, 826
• XREF: connects to: Drake raids transformed privateering into an existential conflict between nations — John Sugden, Sir Francis Drake, 1; Drake’s raid galvanized Philip II to launch the Great Armada against England — John Sugden, Sir Francis Drake, 829; Drake’s destruction of seasoned timber caused the Armada’s provisions to rot prematurely — John Sugden, Sir Francis Drake, 876 (+1 more)

Broader Connections

• Drake’s raid galvanized Philip II to launch the Great Armada against England #expands (0.80) — John Sugden, Sir Francis Drake, 829
• Drake’s destruction of seasoned timber caused the Armada’s provisions to rot prematurely #expands (0.70) — John Sugden, Sir Francis Drake, 876