King of Spain to Abdicate the Throne

King Juan Carlos, 76, will make way for his son, Crown Prince Felipe, 46, to take over.
0:46 | 06/02/14

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Transcript for King of Spain to Abdicate the Throne
A change in leadership king of Spain -- thrown in favor of his -- popular sun 76 year old Juan Carlos announced his abdication today. -- 46 year old fully today isn't ready to be king but didn't specify what issues his son must tackle first. Surprise -- comes at a troubling times Spain has a whopping 25%. Unemployment rate and is suffering economically. Monarchy is -- rocked by several scandals and accusations of extravagant lifestyles and an embezzlement investigation involving the king's son in law. One thing is almost certain with a leaping out the top Spain is expected to change the constitution so his first born daughter would be next in -- that throw.

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