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agreed to her terms and
Elizabeth kept the money. Spain responded by seizing English property in the Netherlands and Spain. England reacted by seizing Spanish ships and properties in England. Spain then reacted by imposing an embargo preventing all English imports into the Netherlands for five years. The bitter diplomatic standoff lasted for years. However neither side wanted war.
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Neutrality seemed the best policy for
Elizabeth, who favoured a reactive, expedient foreign policy. There seemed little point in supporting the remaining rebels in the provinces (Netherlands) as Spain's military power there grew and France increasingly withdrew from foreign affairs, embroiled in its
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The treaty also laid out provisions for resumed diplomatic and commercial relations between Spain and
England. Trading had been suspended but had proven far too damaging to both countries to not be reinstated. The treaty was based on the principles that all merchants would be compensated for losses,
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England and Spain signed the Treaty of
Bristol (or "Convention of Bristol") on 21 August. England admitted it owed Spanish claims of ÂŁ90,000, Versus English claims of ÂŁ70,000. England paid Spain the difference of ÂŁ20,000. It temporarily reversed the deterioration in relations that it followed the
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gave its permission. The money was bound for the
Netherlands as payment for Spanish soldiers. When Queen Elizabeth learned that the gold was a loan of Italian bankers to the Spanish Crown, she decided to seize it, and treat it as a loan from the Italian bankers to England. The bankers reluctantly
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The original source of the dispute was
Elizabeth's seizure of gold from Spanish ships in English ports in November 1568. Chased by pirates in the English channel, five small Spanish ships carrying gold and silver worth 400,000 florins (ÂŁ85,000) sought shelter in the harbors at Plymouth and
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in 1576, known as the
Spanish Fury. As part of the Convention of Nymegen, Elizabeth returned this seized gold to Genoese bankers.
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The subsequent absence of funds later led to a revolt by the unpaid
Spanish army which in the Low Countries resulted in the
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in the
Netherlands. She did not, however, interfere when he recruited Protestant volunteers in England to his cause.
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Trade resumed between
England and Spain and relations improved. Elizabeth resisted pressure from her advisors
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treasure crisis of 1568, Producing a six-year period of relative friendly and stable relations.
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The Queen's Merchants and the Revolt of the Netherlands: The End of the Antwerp Mart
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Historical Dictionary of the Elizabethan World: Britain, Ireland, Europe and America
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These provisions were formalised in the Convention of Bristol in August 1574.
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and that neither side would shelter or protect rebels or privateers. The
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would also leave the Netherlands to help reduce tensions.
110:and representatives of the Spanish commander, the
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267:. Hodder and Stoughton. pp. 102–110.
265:Elizabeth I: Religion and Foreign Affairs
216:Elizabeth I and Foreign Policy 1558-1603
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236:The Shaping of the Elizabethan Regime
173:The Shaping of the Elizabethan Regime
27:1573 treaty between England and Spain
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63:It is not to be confused with the
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248:. Manchester UP. pp. 91–97.
106:The Nymegen treaty was signed by
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242:Ramsay, George Daniel (1986).
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307:England–Spain relations
234:MacCaffrey, Wallace T.
171:Wallace T. MacCaffrey,
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263:Warren, John (1993).
214:Doran, Susan (2000).
131:Convention of Bristol
32:Convention of Nymegen
71:, and other states.
65:Treaties of Nijmegen
322:History of Nijmegen
297:Treaties of England
175:(1968) pp. 271–90.
90:sacking of Antwerp
238:(1968) pp 271–90.
188:(1999) pp. 307–8.
184:John Wagner, ed.
154:William of Orange
18:Treaty of Bristol
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