Spanish King Abdicates

Spain's King Juan Carlos says he is abdicating to make way for his son to become the nation's next monarch so a "new generation" can take over.

The king told Spaniards in a nationwide address that he first started thinking seriously about giving up the throne when he turned 76 in January.

He said Monday that the 46-year-old Crown Prince Felipe is ready for the post and will "open a new era of hope combining his acquired experience and the drive of a new generation."

It's unclear when a handover will happen because the government must craft a law creating a legal mechanism for Juan Carlos to abdicate and for Felipe to succeed him.

[Associated Press]