(2007-12-04) Venezuela Votes Against Chavez Constitution

Venezuelan citizens voted (narrowly) against Hugo Chavez's proposed changes to their Constitution. The plan would abolish term limits, allow Mr. Chavez to declare states of emergency for unlimited periods and increase the state's role in the economy, among other measures... Turnout of registed voters was just 56 percent... Unlike in past votes here, this time the government did not invite observers from the Organization of American States or the European Union, opening itself to potential claims of fraud... In a move that alarmed the opposition, electoral officials over the weekend revoked the observer credentials of Jorge Quiroga, a former president of Bolivia and an outspoken critic of Mr. Chavez... Uncertainty over Mr. Chavez's reforms, meanwhile, has led to accelerating capital flight as rich Venezuelans and private companies rush to buy assets abroad denominated in dollars or euros. The currency, the bolivar, currently trades at about 6,100 to the dollar in street trading, compared with an official rate of 2,150... Petroleos de Venezuela, the state oil company, says it produces 3.3 million barrels a day, but OPEC places its output at just 2.4 million barrels. And private economists estimate that a third of oil production goes to meet domestic consumption, which is surging because of a subsidy that keeps gasoline prices at about seven cents a gallon.