BLOOMBERG: King Juan Carlos of Spain Abdicates Crown

  

King Juan Carlos, who faced down a military coup that threatened Spain's return to democracy before seeing his family dragged into a corruption scandal, abdicated today, Prime Minister Mariano Rajoy said. The Spanish Parliament must approve a law to complete the abdication process before the 76 year-old king's son, Felipe, the Prince of Asturias, can be crowned, Rajoy said in a televised statement from his palace in Madrid. Ben Sills reports from Madrid on Bloomberg Television's "The Pulse" with Guy Johnson.