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Several minutes before that, the abdicated King Juan Carlos I handed to the new king the red sash, the regalia of commander-in-chief of the country’s armed forces.
Juan Carlos I announced his decision to abdicate in favor of his son Felipe June 2. The king explained his decision by the need to hand over responsibilities to the new generation.
“When I look back, I get a feeling of profound pride about Spain’s achievements,” Juan Carlos I noted. “The economic crisis that hit our country has led to social inequality and made us analyze the mistakes. Spain’s revival should be led by the new generation that has vigor and ability to overcome all difficulties,” the monarch said.
Several thousands of people took to the main square of Madrid – Puerta del Sol — demanding the introduction of a republican form of government in Spain.