King Juan Carlos abdicates

After 39 years as Spain's leading monarch, King Juan Carlos announced on Monday that he is abdicating in favor of his son, Prince Felipe.

"I have decided to end my reign and abdicate the crown of Spain," he said in a national televised address. He said he has decided to abdicate to allow, "a drive for renewal, to overcome and correct mistakes and open the way to a decidedly better future."

He said his 46-year-old son, Prince Felipe, is ready for the position and will "open a new era of hope combining his acquired experience and the drive of a new generation."

Prime Minister Mariano Rajoy first broke the news earlier on Monday.

"His Majesty King Juan Carlos has just informed me of his desire to renounce the throne and begin the process of succession," Rajoy said. The Spanish government must now craft a law creating a legal mechanism for the abdication.

The 76-year-old king's abdication will bring an end to an almost four decade reign. He came to power in 1975 two days after the death of longtime dictator Francisco Franco, who had named Juan Carlos as his successor. The king subsequently oversaw Spain's transition from dictatorship to democracy.

Juan Carlos endeared himself to many Spaniards when he helped defuse an attempted military coup in February 1981. He was also lauded for his reaction to the Madrid train bombings in March 2004, when he and his wife Queen Sofia threw protocol aside at a memorial service to personally comfort the families of some of the victims.

In recent years, however, his popularity has dipped following a string of royal scandals. His image took a blow after taking a luxury elephant-hunting vacation in the middle of Spain's financial crisis in April 2012. He broke his right hip during the trip and had to be flown on a private jet from Botswana back to Spain for medical treatment.

In 2010, a corruption investigation was opened against former Olympic handball player Inaki Urdangarin, the husband of the king's youngest daughter, Cristina. She has also been accused of involvement in the scandal but denies knowledge of her husband's business dealings.

Prince Felipe, 46, is a former Olympic yachtsman and has remained relatively unscathed amid the family scandals. He married former television producer Letizia Ortiz in 2004.

The king, who has played a largely figurehead role as an ambassador for the country, has had repeated health problems in recent years.

hc/dr (AFP, AP)