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Spain's King Juan Carlos I to abdicate

After nearly 40 years on the throne, King Juan Carlos I of Spain said Monday that he will be stepping down. In a televised statement, according to a CNN translation King Juan Carlos said that It is time to hand over to a new generation -- younger, with a lot of energy -- that can, with determination, take on and carry out the changes that the current situation demands, and to face with intensity and determination the challenges of tomorrow". Crown Prince Felipe, 46, will succeed his father. The king said he decided it was "time to prepare and pave way so that he who is in better conditions can continue."