MADRID—Spanish Prime Minister Mariano Rajoy said Monday that King Juan Carlos will abdicate, ceding the throne to Prince Felipe.
Juan Carlos, 76, was crowned in 1975 following the death of dictator Francisco Franco. He has been in frail health in recent years, and speculation about a possible abdication has been a media staple for months.
Juan Carlos is widely credited with playing a key role in dismantling Franco’s right-wing authoritarian government and facilitating a quick transition to democracy in the late 1970s, Wall Street Journal informs.
