(telegraph) - King Juan Carlos has announced his desire to abdicate in favour of his son, the Crown Prince Felipe, telling Spaniards that it was time for “a new generation” to take over.
"I have decided to end my reign and abdicate the crown of Spain," he said in a televised address on Monday.
The 76-year-old monarch said his son was ready to take the crown in what would "open a new era of hope combining his acquired experience and the drive of a new generation."
Speaking from his office in the Zarzuela Palace, he said it was time for "a drive for renewal, to overcome and correct mistakes and open the way to a decidedly better future".
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