King Juan Carlos' abdication is the latest royalty news update from Europe! King Juan Carlos decided to pass on his throne to his only heir, Prince Felipe. At this time of economic hardship in Spain, King Juan Carlos had spurred on many scandals for the royal family. This is certainly an attempt to rejuvenate the Spanish royalty and King Felipe and his Queen, Letizia Ortiz are good candidates for the job!

"A new generation is quite rightly demanding to take the lead role," Juan Carlos, 76, said in his statement.

Though they are overshadowed by William & Kate propaganda from the U.K.,  Felipe and Letizia have a pretty fabulous and gossipy backstory.

The new Queen of Spain, like Kate Middleton, is also a commoner. And a divorcee. But unlike Kate Middleton, she wasn't just a socialite that waited patiently for her prince charming to propose. A professional journalist, Letizia Ortiz worked for CNN and Bloomberg. She was also named winner of the Madrid Press Association's Larra Award for most accomplished journalist under 30. During the Iraq War, she put herself on the front lines to report the war for Spain.  

Letizia Ortiz met Felipe in 2002 on an assignment and their romance began to build. A year later, when she was just promoted as the anchor on Spain's national news channel, she quit her job. A few days later, her engagement to Crown Prince Felipe was announced!

The new King Felipe had a pretty fabulous life as well. First of all, he was a member of the Spanish sailing team for the 1992 Barcelona Olympics. He had studied in Georgetown University in Washington D.C. and represented his father in Latin American presidential ceremonies since 1996.

Will the new King and Queen of Spain rejuvenate the popularity of Spanish royalty? Time will tell. But they sure are a handsome couple!