By Rodrigo De Miguel and Elisabeth O'Leary MADRID (Reuters) - Spain's King Juan Carlos said on Monday he would abdicate in favour of his son Prince Felipe, aiming to revive the scandal-hit monarchy at a time of economic hardship and growing discontent with the wider political elite. "A new generation is quite rightly demanding to take the lead role," Juan Carlos, 76, said on television, hours after a surprise announcement from Prime Minister Mariano Rajoy that the monarch would step down after almost 40 years on the throne. The once popular Juan Carlos, who helped smooth Spain's transition to democracy in the 1970s after the Francisco Franco dictatorship, seemed increasingly out of touch in recent years.
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