 The Spanish intercepted the retreating English near the Isla de la Juventud; in the ensuing Battle of Pinos, they managed to drive off the Spanish fleet and escape to England.Despite the expedition's failure, the gold sent to Spain was not enough; in 1597, Philip II of Spain defaulted on his debts and was unable to obtain credit for the last two years of his reign.News of Drake's death was received with rejoicing along the Spanish Main; in Spain itself, the devout greeted it as a sign the sins for which Heaven had permitted him to torment them had been expiated.