76-year-old monarch says it's time for a younger generation to take over as he announces plan to step down amid health woes and financial scandals.
King Juan Carlos of Spain has announced he is to abdicate the throne in favour of his son Crown Prince Felipe, declaring it is time for a "new generation" to be at the forefront of the nation.
The 76-year old monarch, who has suffered repeated health problems and whose 39-year reign been blighted after a series of recent scandals, said in a televised address that he had made the decision "with great emotion".
But, he said: "Younger people with new energies [are needed] to undertake the reforms that the present juncture demands of us."
His abdication was based on "a drive for renewal, to overcome and correct mistakes and open the way to a decidedly better future" the monarch added.
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