SPAIN'S KING JUAN CARLOS I TO ABDICATE

After 39 years on the throne, King Juan Carlos of Spain will abdicate in favour of his son Crown Prince Felipe.

the king explained his decision on Spanish television and radio. He highlighted his pride in the "transformation of Spain" and the "tremendous amount achieved by all" since the country's transition into democracy.

"Today, when I look back, I cannot help but feel pride and gratitude towards all of you," he said.

The decision to step down, he said, was made after his 76th birthday in January. His son Felipe, he assured Spaniards, "has the maturity, preparation, and sense of responsibility necessary to assume the title of head of state and open a new era of hope which combines the experience and momentum of a new generation."