Why Did Elizabeth I Refuse the Offer of the Dutch Throne

After the assassination of William the Silent, the desperate Dutch offered sovereignty over the country to Elizabeth I of England and Henri III of France, and were refused by both in turn. Given that Henri was Catholic and embroiled in the instability of the French Wars of Religion (although not quite yet the Wars of the Three Henries), it is rather easy to see why he declined. But why did the Protestant and anti-spanish Elizabeth refuse the Dutch throne? Was it because she didn't want to anger Spain at that time (although only a year would pass before the Treaty of Nonsuch)? Is it because the confederal nature of the Netherlands would ensure that it would be completely ungovernable by her monarchical standards? Is it something else?
 
Elizabeth I spent nearly the entirety of her reign attempting to stay out of European wars, it doesn't surprise me that she didn't take it as accepting the Dutch throne would be tantamount to saying, "please invade England."
 
I think it was because Elizabeth didn't want to antagonize the Spanish. Remember that Elizabeth's foreign policy from 1563 to the Anglo-Spanish war was to avoid war and any foreign entanglements. Accepting the Dutch offer would force her hand. Also, Nonsuch was just the straw that broke the camal's back: there had already been rising tensions between England and Spain, like Elizabeth's support of the Prior of Crato's claim to the Portuguese throne and Felipe's backing of the Irish rebels.

Something else to consider is the expense. If Elizabeth became the Dutch Sovereign then she'd have to send a large amount of troops to the Netherlands. To do so she needs money and that involved Parliament. Plus defending continental territories is difficult. She probably wanted to also avoid a rerun of the embarrassing loss of Le Havre.
 
I think it was because Elizabeth didn't want to antagonize the Spanish. Remember that Elizabeth's foreign policy from 1563 to the Anglo-Spanish war was to avoid war and any foreign entanglements. Accepting the Dutch offer would force her hand. Also, Nonsuch was just the straw that broke the camal's back: there had already been rising tensions between England and Spain, like Elizabeth's support of the Prior of Crato's claim to the Portuguese throne and Felipe's backing of the Irish rebels.

Something else to consider is the expense. If Elizabeth became the Dutch Sovereign then she'd have to send a large amount of troops to the Netherlands. To do so she needs money and that involved Parliament. Plus defending continental territories is difficult. She probably wanted to also avoid a rerun of the embarrassing loss of Le Havre.
So why did they sign the Nonsuch Treaty less than a year later?
 
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