MADRID, June 2. /ITAR-TASS/. King Juan Carlos I of Spain has decided to abdicate, Prime Minister Mariano Rajoy said on Monday. Rajoy added that the reasons for the monarch’s abdication will be outlined in a special announcement to be released later.

The prime minister said that the process of Spain’s Crown Prince Felipe’s accession to the throne has been launched following the King’s abdication. Rajoy noted that in line with the Spanish Constitution, a law must be adopted that will allow Crown Prince Felipe to succeed the throne. Rajoy said he was sure the Spanish parliament will soon adopt the law and declare Crown Prince Felipe the King of Spain.

The prime minister stressed that Juan Carlos I considers it to be the most suitable moment for a normal transition of power to the successor. The King has expressed hope that the process will be carried out with respect to the monarch as a symbol of freedom and democracy.