What was the result in the late sixteenth century of the flow of riches from Spain to other parts of Europe?

One ironic outcome of the immense wealth Spain acquired - and ultimately squandered - with the colonization of the New World was to make rich others. Great wealth allowed the Spanish kings to fight wars in Europe: against France, in the Netherlands, in Italy and against the Turks in the Mediterranean. But on the other hand, large amounts of those riches - gold, silver - ended in the pockets of the European bankers who had given credits to the Spanish kingdom. Because it lost some wars, Spain had to pay indemnizations and reparations to victors, too. At the same time, much of the treasuries belonging to Spain were stolen by British pirates who attacked and robbed the huge fleets of galeones transporting gold to the Spanish ports. As a Latin American historian once wrote, "Spain had the cow, but others drank the milk."