Spanish King Juan Carlos Abdicates

Spain's King Juan Carlos has decided to abdicate, in favor of his son Prince Felipe.

"His Majesty King Juan Carlos has just informed me of his desire to renounce the throne and begin the process of succession", Spanish Prime Minister Mariano Rajoy announced.

Juan Carlos, 76, has been on the throne since 1975. He is abdicating due to personal reasons, as the Prime Minister revealed.

Recently, corruption scandals have been surrounding the Spanish royal family, mainly the Princess Cristina, who is under investigation in a corruption case.