Spanish King Juan Carlos announced that he would abdicate in favor of his son Prince Felipe, announcing in an address to his fellow citizens that he was paving the way for a "new generation".
"A new generation must be at the helm...younger people with more energy," 76-year-old Juan Carlos said in a televised address.
"My son Felipe, the heir to the throne, represents the stability that is the hallmark of the institution of the monarch," said Juan Carlos, adding that in January, when he turned 76, he judged that the moment had come to leave his place to the one who has the best conditions to guarantee that stability.
He said that his only ambition was to contribute to the welfare and freedom of the Spanish people and that he wanted the best for Spain, to which he had devoted his whole life.
He expressed his "gratitude" to Queen Sofia, his wife, and said that his son Felipe can count on the support of his wife, Princess Letizia, with whom he has been married for ten years.
Prince Felipe is to take the throne as King Felipe VI.
Rajoy: The best moment for changes
The news of the abdication was first reported by Spanish Prime Minister Mariano Rajoy, who said this morning:
"His majesty, King Juan Carlos, has just told me that he wishes to abdicate."
Rajoy pointed out that he is convinced that this is "the best moment for changes", Reuters reported.
King Juan Carlos, whose health has deteriorated after several operations in previous years, is leaving the throne for personal reasons, Rajoy added.
The once very popular Juan Carlos, 76, who helped transition Spain to democracy in the 70s after the Franco dictatorship, has lost public support in recent years due to corruption scandals and gaffes.
His daughter, Princess Kristina, and her husband Inaki Urdangarin are under investigation for corruption.
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