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Sovereign debts

As Spain suffers its worst crisis in 40 years, its once beloved monarchy is in turmoil. Will it survive?

Juan Carlos’s story is that of modern Spain. When General Franco, his tutor, died, the king oversaw the transition to democracy (photo: AFP/Getty Images)

In April, King Juan Carlos I of Spain went hunting. Even at 74 years old, the sprightly king likes to keep up one of his favourite hobbies. This time he was off to Botswana. It was a private affair, and meant to stay under wraps. But after four days in Africa, Juan Carlos got up at dawn in search of a bathroom, tripped on a…

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