The challenge is, with a point of divergence during the Napoleonic Wars or shortly before, have a conflict where the Spanish monarchy is forced out of Spain, but at the same time, has also lost control over the Viceroyalty of New Spain. The monarchy can flee to Lima, or Buenos Aires, or Bogota, etc.
How would such a country develop? For example, how would the Peninsular War develop with the Spanish Empire ruled from Lima? How would the Latin American wars of independence be affected later?
How would such a country develop? For example, how would the Peninsular War develop with the Spanish Empire ruled from Lima? How would the Latin American wars of independence be affected later?