World Business News

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King Juan Carlos of Spain abdicates

Zone(s): Spain ¦ Sector(s): Monarchy
[2 June 2014, BBC News]  King Juan Carlos of Spain has announced his intention to abdicate, after nearly 40 years on the throne. “A new generation must be at the forefront… younger people with new energies,” the 76-year-old king said in a televised address. His son, Crown Prince Felipe, 45, will take over the throne.

For much of his reign, Juan Carlos was seen as one of the world’s most popular monarchs, but recently many Spaniards have lost confidence in him. His reputation has been tarnished by a long-running corruption investigation into the business dealings of his daughter and her husband…

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