 Complete the following phrase:  In 1622, Don Balthasar was replaced by Gaspar de Guzmán, Count-Duke of Olivares. The war with the Netherlands was renewed in 1621 with Spinola taking the fortress of Breda an episode immortalized by the Spanish painter Diego Velázquez in his famous painting Las Lanzas. In 1624, Olivares proposed the Union of Arms, which aimed at raising revenues from the Indies and other kingdoms of Iberia for imperial defense, which met strong opposition. In 1627, the crown declared bankruptcy. The Dutch, who during the Twelve Years Truce had made increasing their navy a priority, which showed its maturing potency at the Battle of Gibraltar in 1607, managed to strike a great blow against Spanish maritime trade with the 