The best and most correct answer among the choices provided by the question is the first choice "Spain"
Habsburg Spain at the beginning of the 17th (which is 1650's is included) century stood at the end of itsGolden Age, and although it retained its vast empire, Spain had experienced severe difficulties in the later 16th century, including military defeats in Europe like the Spanish Armada and a series of financial crises that had caused the Spanish Crown to declare bankruptcy four times in the late 1500s (1557, 1560, 1576, 1596). Many different factors, including the decentralized political nature of Spain, inefficient taxation, a succession of weak kings, power struggles in the Spanish court and a tendency to focus on the American colonies instead of Spain's domestic economy, all contributed to the decline of the Habsburg rule of Spain.
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