alternatehistory.com

I'm writing a timeline which focuses on an alternative European Order. So, being an ignorant in Latin American matters, I don't quite know what to do there.
Can Spain, with a POD as early as 1815, keep power in some shape or form in America?
The options are:
A) Spain keeps all of them in a dominion-like status;
B) Spain manages to keep New Spain and Peru for some more time while giving independence to the other territories.
How is this manageable?
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