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Let's assume the same POD as my previous post about the Trastamaras retaining Spain. Infante Juan, Prince of Asturias, survives to adulthood and has children of his own, Charles V never inherits his massive empire, Spain keeps the New World gold and silver and uses it to fund a conquest of North Africa, Spanish soldiers are thus busy occupying Tunis and Algiers and Oran and are not available to fight Protestant princes. Phillip is raised in Brabant or Antwerp or something instead of Toledo.

Sidenote, what are the effects on England? Can Charles V still sack Rome and coerce the Pope into denying Henry VIII an annulment?
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