Philip II Was Forced to Declare Bankruptcy in 1575 and Sue

Philip II was forced to declare bankruptcy in 1575 and sue for peace for the Ottomans in 1580 because:

A) The Armada he had sent to attack England had gone down in defeat.
B) He had decided to abdicate his throne in favor of his son Charles V.
C) He had failed to suppress a ruinously expensive rebellion in the Netherlands.
D) He had spent lavishly in his attempt to win the hand of Queen Mary I of England.