Despite opposition from the Cortes Generales, Charles V managed to impose this vicious circle that progressively weakened the Spanish finances. Furthermore, in the last years of his reign, Charles V could not be economically supported by his non-Spanish possessions: he exempted the Low Countries from taxation after the Revolt of Ghent in 1540, Germany was in the middle of the Schmalkaldic Wars, and the budget surplus of Italian states was wiped out by the Italian Wars. This ultimately put the financial burden of the Holy Roman Empire on the Spanish kingdoms and led to the bankruptcy of Spain. Unable to sustain his projects financially, Charles V abdicated in 1556 and retired to a monastery in 1558. Sovereign default was declared in 1557.