BREAKING NEWS: President Hugo Chavez accepts referendum loss

Great breaking news from Venezuela: President Hugo Chavez has accepted a referendum loss that would have provided for unlimited presidential terms and other constitutional changes:

The most controversial amendment would do away with term limits, thereby allowing the 53-year-old former paratrooper, who has already served almost eight years in power, to hold it indefinitely as long as he is re-elected.

If the amendments were approved, Chavez could have run for president in seven-year terms.

At present, the president's term runs six years, and current law would not allow Chavez to run again after his term ends in 2012.