Vanity Fair article has stated very clearly what will happen or not happen:
For the most part, Spain’s political and media establishments would prefer that the King stay, fearing a shock to the system were he to leave while the nation is in such dire straits. “We are very clear against abdication,” said Pedro Ramírez. “You ask for the resignation of the minister of health or foreign affairs if he has done something wrong. But you don’t ask for the abdication of the King, just because he has been out of the country on a weekend in Botswana with a blonde woman. El Mundo is saying the only two scenarios in which we would ask for abdication would be, first, if he has a serious health problem—mainly mental incapacity. And, second, if there were not circumstantial evidence but real proof of wrongdoing.”