Spanish King Juan Carlos has given up his 21 million euro yacht. The move comes as Spain suffers under bitter austerity measures and record unemployment.
The boat was donated to the monarch by a business group, but has led to embarrassment as it costs 20,000 euros just to refuel, according to the Spanish media.
Hit by allegations of corruption, the royal family’s public image has become tarnished of late. The king’s elephant hunting expedition, where he broke his hip last year, didn’t go down well with recession struck Spaniards either.