Spain's King Juan Carlos has announced that he is to abdicate.
The Spanish monarch, who has been on the Throne since Spain became a democracy nearly 40 years ago, will hand over the Throne to his son Crown Prince Felipe, who will "open a new era of hope" for Spain.
For much of his reign, Juan Carlos was seen as one of the world's most popular monarchs. He came to the Throne after the country was a republic and dictatorship under Franco for 36 years - he was the country's first monarch for 44 years - but now many Spaniards have lost confidence in him.
His reputation has been tarnished by a long-running corruption investigation into the business dealings of his daughter and her husband.
Support for the king fell further when it was discovered he had been on a lavish elephant hunting trip to Botswana in April 2012, in the middle of Spain's financial crisis.
The first announcement about the abdication came from Prime Minister Mariano Rajoy, who told reporters: "His Majesty King Juan Carlos has just informed me of his desire to renounce the throne and begin the process of succession."
Later, the king himself said in a televised address that it was time for a "new era" in which a new generation could take on the transformations and reforms required.
Felipe will reign as King Felipe VI.
Juan Carlos is the third European monarch to abdicate in the last 14 months, following the abdications of King Albert II of Belgium and Queen Beatrix of the Netherlands.
King Juan Carlos of Spain abdicates
BBC News
2 June 2014
King Juan Carlos said his son Prince Felipe would "open a new era of hope" for Spain
King Juan Carlos of Spain has announced his intention to abdicate, after nearly 40 years on the throne.
"A new generation must be at the forefront... younger people with new energies," the 76-year-old king said in a televised address.
His son, Crown Prince Felipe, 45, will take over the throne.
For much of his reign, Juan Carlos was seen as one of the world's most popular monarchs, but recently many Spaniards have lost confidence in him.
His reputation has been tarnished by a long-running corruption investigation into the business dealings of his daughter and her husband.
The Spanish monarch, who has been on the Throne since Spain became a democracy nearly 40 years ago, will hand over the Throne to his son Crown Prince Felipe, who will "open a new era of hope" for Spain.
For much of his reign, Juan Carlos was seen as one of the world's most popular monarchs. He came to the Throne after the country was a republic and dictatorship under Franco for 36 years - he was the country's first monarch for 44 years - but now many Spaniards have lost confidence in him.
His reputation has been tarnished by a long-running corruption investigation into the business dealings of his daughter and her husband.
Support for the king fell further when it was discovered he had been on a lavish elephant hunting trip to Botswana in April 2012, in the middle of Spain's financial crisis.
The first announcement about the abdication came from Prime Minister Mariano Rajoy, who told reporters: "His Majesty King Juan Carlos has just informed me of his desire to renounce the throne and begin the process of succession."
Later, the king himself said in a televised address that it was time for a "new era" in which a new generation could take on the transformations and reforms required.
Felipe will reign as King Felipe VI.
Juan Carlos is the third European monarch to abdicate in the last 14 months, following the abdications of King Albert II of Belgium and Queen Beatrix of the Netherlands.
King Juan Carlos of Spain abdicates
BBC News
2 June 2014
King Juan Carlos said his son Prince Felipe would "open a new era of hope" for Spain
King Juan Carlos of Spain has announced his intention to abdicate, after nearly 40 years on the throne.
"A new generation must be at the forefront... younger people with new energies," the 76-year-old king said in a televised address.
His son, Crown Prince Felipe, 45, will take over the throne.
For much of his reign, Juan Carlos was seen as one of the world's most popular monarchs, but recently many Spaniards have lost confidence in him.
His reputation has been tarnished by a long-running corruption investigation into the business dealings of his daughter and her husband.