Lusitania
Donor
Does Spain only attack Gibraltar or does it also invade and occupy Portugal? If it did the later then it would be having to keep thousands of troops occupying Portugal. The portuguese government would of been able to escape to Açores with British help.
If it invaded Portugal then war reparations would of been demanded. Olivença, part or all of Galicia and Gulf of Guinea islands (Fernando Po snd Abanon) if not mainland Spanish Guinea. Even Ceuta is fair game.
If it invaded Portugal then war reparations would of been demanded. Olivença, part or all of Galicia and Gulf of Guinea islands (Fernando Po snd Abanon) if not mainland Spanish Guinea. Even Ceuta is fair game.