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King Felipe VI of Spain cuts financial ties with his father

King Felipe VI of Spain cuts financial ties with his father

Posted March. 17, 2020 07:47,   

Updated March. 17, 2020 07:47


King Felipe VI of Spain has announced that he will stop financial assistance for his father and former King Juan Carlos. The Spanish king also renounced the inheritance from his father.

According to The New York Times, King Felipe VI issued a statement on Sunday (local time) and announced that he will stop providing his father with the annual grants of 194,000 euros (about 270 million won). Pundits reckon that it is a reaction to the public criticism that the former king is continuing on his lavish lifestyle despite his old and disgraceful abdication. King Felipe VI also renounced his right to receiving any inheritance “whose source, character, or purpose is either unlawful or untruthful.”

Having sat in the throne for 40 years from 1975 to 2014, Juan Carlos rose to power on the death of Gen. Francisco Franco, a right-wing dictator who ruled Spain. The former king played a major role in democratizing Spain by handing over much of the powers to the parliament and preempting a military coup in 1981.

It has been reported that the former king of Spain is facing an investigation by the Spanish and Swiss authorities on charges of embezzlement, tax evasion, and concealment of property. Last year, Juan Carlos vowed to step down from public service and promised he will never represent Spain in any event, but public criticism continues that his problems are marring the image of Spanish monarchy. Some people say King Felipe VI is trying to distance himself from his father’s affairs to keep his monarchy clear of disrepute.