King Juan Carlos Of Spain Abdicates: Read Full Speech Here [VIDEO]

King Juan Carlos of Spain is abdicating the throne in favor of Crown Prince Felipe. "A new generation is quite rightly demanding to take the lead role," Juan Carlos, 76, said on television, hours after an announcement from Prime Minister Mariano Rajoy confirming the monarch would step down after almost 40 years as king. This comes after the royal’s popularity decreased significantly following lavish trips when Spain is going through a major economic crisis, and most recently a corruption scandal involving his son-in-law Iñaki Undangarín, husband of Princess Cristina. Undangarín is accused of embezzling 6 million euros in public funds through his charity.

The King addressed the nation this morning with a speech explaining his motives. This is what he said:

I approach all of you this morning through this message to convey, with great emotion, an important decision and the reasons that lead me to take it.

In my proclamation as King, nearly four decades ago, I took a firm commitment to serve the general interests of Spain, with the aim that the citizens became the protagonists of their own destiny and our nation a modern democracy, fully integrated into Europe.

I was determined then to lead the exciting national task that allowed citizens to elect their legitimate representatives and perform this great and positive transformation of Spain that we all needed.

Today, when I look back, I can not help but feel pride and gratitude to you. Pride, for so much good that we have all achieved over the years. And gratitude for the support you have given me throughout my reign, which began in the middle of my youth and in times of great uncertainties and difficulties, a long period of peace, freedom, stability and progress.

True to the political desire of my father, the Count of Barcelona, from whom I inherited the historical legacy of the Spanish monarchy, I wanted to be King of all Spaniards. I have been identified and committed to your aspirations, I have enjoyed with your successes and I suffered when pain or frustration has come to you.

The long and deep economic crisis we have, has left serious scars on the social tissue, but it is also showing us a path of a future full of hope. These difficult years have allowed us to make a self-critical assessment of our mistakes and our shortcomings as a society. And, as a counterweight, it has also rekindled the proud consciousness of what we have learned and what we do, what we have been and are: a great nation.

All of this has awaken in us an impulse for renewal, to improve, to correct errors and make way for a decidedly better future. In forging this future, a new generation seeks the title role, the same that corresponded at a crucial juncture in our history to the generation to which I belong.

Today a younger generation should move to the first line with new energies, determined to embark with determination all the transformations and reforms that the current situation is demanding, and cope tomorrow’s challenges with renewed intensity and dedication.

My only ambition has always been and will continue to be to always contribute to the welfare and progress in freedom of all Spaniards. I want the best for Spain, to which I have devoted my entire life and in whose service I have put all my skills, my enthusiasm and my work. My son Felipe, heir to the throne, embodies stability, which is a hallmark of the monarchy.

When I turned 76 last January, I considered it was time to prepare my relief in a few months, to make way for who is best placed to ensure that stability. The Prince of Asturias has the maturity, preparation and sense of responsibility necessary to assume with full guarantees the Head of State, and open a new era of hope in which the experience and the drive to a new generation are combined. For this, he will count, I'm sure, with the support he will always have of Princess Letizia.

Therefore, guided by the conviction of providing the best service to Spain, and once recovered both physically and in my institutional activity, I have decided to end my reign and abdicate the Crown of Spain, so that the Government and the Parliament provide the effectiveness of the succession in accordance with constitutional laws. That’s how, this morning I officially informed the President.

I wish to express my gratitude to the Spanish people, all people who have incarnated the powers and state institutions during my reign and all who have helped me with generosity and loyalty to fulfill my duties. And my gratitude to the Queen, whose cooperation and generous support have never failed me.

I have, and will always have Spain deep in my heart.