Venezuela's Chavez Defeated in Bid for Indefinite Re-Election, Sweeping Reform

This is a big deal. It now remains to be seen how he (Chavez) will react in the long run.

President Hugo Chavez suffered a stunning defeat Monday in a referendum that would have let him run for re-election indefinitely and impose a socialist system in this major U.S. oil provider.

Voters defeated the sweeping measures Sunday by a vote of 51 percent to 49 percent, said Tibisay Lucena, chief of the National Electoral Council, with voter turnout at just 56 percent. Read More.