While I fully subscribe to the failings generally inherent in a hereditary monarchy, there is no question that the King of Spain has brought his country successfully through a potentially disastrous post-Franco transition to democracy, and that he would know a fascist if he saw one. The advantage of not having to worry about election cycles means you can face down bullies in a human rather than calculated, nuanced, triangulated way.
Here he is in Santiago, Chile, telling the ludicrous, anti-democratic, puffed up on his sulphur laden petroleum leader of Venezuela to "just shut up". Chavez, having accused the recent prime minister of Spain, Aznar, being a "fascist", continued to rant with his microphone off as Prime Minister Zapatero reminded him that he was in a democratic forum and that some respect wouldn't go amiss.
Sadly the following day Nicaragua's Ortega gave some of his time to back up Chavez prompting the King to leave the summit in protest - no doubt a tanker was dispatched to Managua by morning in payment.
This at a summit which will provide millions to South American countries by remitting social security contributions paid by migrant workers in Spain and Portugal. If this is how you treat your friends, your enemies have no incentive to meet you half way Mr. Chavez.