User blog comment:IndigoOnIceCream/A More Powerful (by economics) Spain/@comment-32656-20120310184134/@comment-32656-20120316055904

Spain was, and still is, a more "backwater" area of Europe. The Iberian states, truthfully, lucked out immensely at that time period. There's really not much of anything that can help, in that regard.

Without "overspending," Spain loses its influence and power. They then lack the military to do anything near like otl.

To use it to become more "economically powerful" would either nerf their military, or bankrupt them completely. Either way, they get screwed over.