LIVE: Spanish king to abdicate http://www.bbc.co.uk/news/world-europe-27662351
The king had been considering ceding the throne to his son, Crown Prince Felipe, for some time, Spanish newspaper El Pais reports.
This photo released by the Spanish royal household shows the king shaking hands with Mr Rajoy after the two men met on Monday morning
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The king has had health problems in recent years, and is stepping down for personal reasons, Mr Rajoy said.
Juan Carlos popularity has fallen in recent years following a number of gaffes and corruption scandals
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"I'm convinced this is the best moment for change," Mr Rajoy added.
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Mr Rajoy praised Juan Carlos as a "tireless defender" of Spain's interests, describing him as "the best spokesman for the monarchy".
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"His Majesty King Juan Carlos has just informed me of his desire to renounce the throne and begin the process of succession," Mr Rajoy said in his address.
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Spanish Prime Minister Mariano Rajoy made the announcement in a televised address. He said a new constitutional amendment would be proposed to allow for the abdication to happen.
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Hello and welcome to the BBC's coverage of Spanish King Juan Carlos I's decision to abdicate.
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