Spain blocking access to Central America is both unexpected and unwanted. The fact they have substantial holdings in the New World is just icing on a particularly unpalatable cake.
In other news, the Protestant religious block looks solid and seems like it would have a near-permanent lock on the HRE. That could work to your advantage if Catholic Spain gets dragged into an inter-faith war.
In other news, the Protestant religious block looks solid and seems like it would have a near-permanent lock on the HRE. That could work to your advantage if Catholic Spain gets dragged into an inter-faith war.