Spain's King Juan Carlos today said he would abdicate in favour of his son Prince Felipe, aiming to revive the scandal-hit monarchy at a time of economic hardship and growing discontent with the wider political elite.
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.
King Juan Carlos, 76, has had health problems in recent years
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.
He said his son, Prince Felipe, had the maturity and preparation to be king.
Prince Felipe will take over from his father, Juan Carlos
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