Leave your feedback Share Copy URL https://www.pbs.org/newshour/show/venezuelan-voters-reject-chavezs-bid-to-widen-powers Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Transcript Venezuelans voted against expanding the power of President Hugo Chavez and imposing a socialist system in the country in a weekend referendum vote. A former Venezuelan trade minister and a professor of Latin American history assess the impact of the poll. Read the Full Transcript Notice: Transcripts are machine and human generated and lightly edited for accuracy. They may contain errors. JIM LEHRER: Now, Venezuela votes "no" to giving Hugo Chavez more power. We start with a report from Jonathan Rugman of Independent Television News in Caracas. JONATHAN RUGMAN, ITV News Correspondent: Firecrackers in Caracas. After almost nine years of the Chavez revolution, the king's crown is knocked awry. It's a narrow victory, just 51 percent, and one which leaves his opponents gasping in disbelief. Hugo Chavez given a beating.It's a quarter past one in the morning, and we've just learned that the Chavez referendum has spectacularly backfired against him, Venezuelans preferring to keep the checks and balances on their democracy, rather than giving Mr. Chavez the power to run for office for life.Inside the opposition headquarters, it was a rollercoaster of a night. The result was several hours late. Troops were mustering outside a tense election center. Something was up.The president's critics feared he would rig the ballot against them, so they sang the national anthem to keep their spirits up.Yet the president's supporters were singing it, too, baffled as to why Chavez wasn't declaring victory from his palace balcony. The usual firework display had been cancelled, and the leader sometimes denounced as Latin America's biggest loud-mouth was strangely silent. And when he did appear on television, the Bush-bashing swagger had gone.HUGO CHAVEZ, President of Venezuela (through translator): We always had nerves of steel to withstand any result, and the difference was microscopic. It's what I call a photo-finish. JONATHAN RUGMAN: Only a year ago, he was re-elected with over 60 percent of the vote. Yet last week, downtown Caracas was turned into a sea of socialist red. Chavez still has five years in office left, five years to win back the three million voters who deserted him last night.For now, the boldest social experiment that Latin America has ever seen rolls on. HUGO CHAVEZ: Que tal, Fidel? How are you? I am very well, OK. JONATHAN RUGMAN: Comradely greetings to Fidel Castro there, but across town the fervent hope that the Chavez brand of revolutionary socialism is now in retreat.