As Spain suffers record unemployment and austerity, its king is turning over his luxury yacht "Fortuna" to the government.
MADRID — Spain's King Juan Carlos is getting rid of the luxury yacht he and his family used during holidays in an apparent belt-tightening measure as the country braves an economic crisis.
A palace spokesman said Friday the 75-year-old monarch is asking National Heritage authorities to shed the 135-foot "Fortuna," handing it over to the government to decide its fate. The official spoke on condition of anonymity in keeping with palace regulations.
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The monarchy's popularity rating has plunged in recent years, coinciding with a deep recession and a series of scandals tarnishing the family's image.
The country has been in recession for most of the past four years and has a record 27.2 percent unemployment rate.
