Chavez Referendum Defeat Calms Industry Nerves

The defeat of President Hugo Chavez’s controversial plans to alter the Venezuelan constitution could lead to a deceleration of Chavez’s plans for reforms, analysts believe. The result of Sunday’s vote will be welcomed by the country’s gambling industry as media reports had suggested that the President could use an increased mandate to impose further, dramatic restrictions on gambling activities.In an unexpected and significant upset, the Venezuelan population last Sunday rejected President Chavez’s proposed amendments to the country’s constitution by the narrowest of margins. 51 percent voted against Chavez’s plans, with 49 percent registering their support in favour of constitutional change.

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