Abstract

The judeoconverso community in Portugal increased its influence and wealth during the sixteenth century to such an extent that the Count Duke of Olivares conceded them access to the kingdom. Olivares, favourite of Philip IV, made this controversial decision as one of the efforts to end a continuous state of economic decline by taking advantage of their low interest loans. Thus they became the Portuguese bankers in the Peninsula settling down in the metropolis and integrating in the local life. Olivares resorted to this solution trying to reduce government dependence on Genoese bankers and to boost trade and commerce using the networks already established by the rich Portuguese merchants. However, these measures were affected by the religious question and its enormous social weight. The Jewish origin of the bankers caused a serious conflict between the political government and the religious authority.