King Juan Carlos of Spain is on the media to announce his abdication.
The king has had problems involving his health in the recent years and is unseating himself from the throne after his nearly 40 years of service for personal and unknown reasons.
In his abdication speech, 76-year old King Juan Carlos alluded to Spain's vast and long economic crises in which he believes spot a cliché on the country.
Mariano Rajoy, the Spanish Prime Minister, made the declaration in front of a televised media.
"His majesty King Juan Carlos has just informed me of his desire to renounce the throne and begin process of succession." Mr. Rajoy announced.
"I'm convinced this is the best moment for change," Mr. Rajoy added.
In the written laws and constitution of Spain, Rajoy told the press that there is no law regarding abdications and monarch successions. The Prime Minister said that the council would establish a meeting concerning the taking over of the crown prince as Felipe VI.
The stepping down king considers conceding the throne to his son, Crown Prince Felipe, for some time, El Pais, a Spanish newspaper has stated.
Alfredo Perez Rubalada, an Opposition Socialist leader, has illustrated the king's abdication as one of the "most important" events under politics considering the Spanish transition to democracy, newspaper El Pais reports.
Juan Carlos was historical after his lodge on the throne grasping Spain's future within his hands, after the death of General Francisco Franco in 1975. He was well-known for saving the Spain from a coup attempt in 1981.
In spite of all the help he did, King Juan Carlos has been facing long-running corruption scandals. Investigations made involving his daughter, Princess Cristina, and her husband, has made the fast-growing scandal heat up even more. The impetus of Spaniards to unfold the scandal has never stopped through the years.
A conflict between Venezuelan leader Hugo Chavez and King Juan Carlos has built after he told the Venezuelan to shut up during a summit meeting in 2007. The chaos involving the two countries remained ignited before ties progressed in the later years.
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