Spain prepares for end of an era

King Juan Carlos told Spaniards in a nationally televised address on Monday that he was abdicating, because his son Crown Prince Felipe was ready to "open a new era of hope" for the country, which appears to have embarked on a sluggish but steady economic recovery after years of crisis.

However, exactly when the handover will take place was not immediately clear, as Spain has no law regulating abdication and succession.

Spanish Prime Minister Marjiano Rajoy, who first announced the news earlier on Monday, has called an emergency meeting of his cabinet for Tuesday, to draft a legal mechanism for the handover of power. Whatever law they come up with is sure to be passed by parliament, as Rajoy's center-right popular party has an absolute majority the legislature.

Calls to abolish the monarchy

Meanwhile, Spain's far-left parties, which fared much better than expected in the May 25 European election, responded to the news of the king's abdication by calling for a referendum to be held on abolishing the monarchy. The also said they would lead nationwide protests to back up the demand on Monday night.

King Juan Carlos' abdication will bring an end to a reign of almost 40 years.

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.

Popularity dips

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.

Political tributes

Among those who paid tribute to the king following the announcement was European Commission President Jose Manuel Barroso, who described Juan Carlos as a "fundamental guardian of Europeanism and of Spain's modernity. "The current Spain could not be understood without him," he said.

German Chancellor Angela Merkel also pointed to his political influence.

"She holds him in great esteem, both personally and based on his historic role in Spain's transition to democracy," said the chancellor's spokesman, Steffen Seibert said.

pfd/ipj (AP, AFP, dpa, Reuters)