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...back an extinct species. Rajat Ghai Baroda, India The Mechanics of Democracy Hugo Chavez, love him or hate him, is the democratically elected President of Venezuela [Aug. 30]. I am disappointed to see the opposition cry foul at the results of the referendum on whether to recall Chávez. They got exactly what they wanted: a referendum, a new vote, ample time to campaign and a brigade of international observers, including former U.S. President Jimmy Carter. Voters supported Chávez's leadership by voting no in the recall referendum. It's apparent that the upper and middle classes...

Author: /time Magazine | Title: Letters | 9/12/2004 | See Source »

...hint of disruption becomes a market mover. Oil prices hit $46.65 per bbl. last week - the highest in the 21-year history of New York Mercantile Exchange futures - amid fears of political unrest in the wake of oil-rich Venezuela's recall referendum on President Hugo Chávez. The soaring price might not signal a return to the 1970s oil shocks, but it was enough to cause stock markets to tumble and prompt economic leaders to warn of the threat to global economic growth. Right on cue, here comes Saudi Arabia to save the day. Last week the kingdom...

Author: /time Magazine | Title: Bizwatch | 8/16/2004 | See Source »

...down a coup attempt by members of his presidential guard. It was the second attempted putsch against Kabila's power-sharing government since it was formed last year. His armed forces earlier retook the eastern city of Bukavu , which had been under rebel control for a week. Chávez Faces a Recall VENEZUELA The National Electoral Council set August 15 as the date of the recall referendum on the presidency of Hugo Chávez. If Chávez loses the vote a presidential election will be called in this major oil produce

Author: /time Magazine | Title: World Watch | 6/13/2004 | See Source »

...Muttahida Majlis-e-Amal, a six-party religious alliance, to protest sectarian violence. Days earlier, a suicide bombing at a Shi'ite mosque in the city killed 23, shortly after the assassination of prominent Sunni cleric Mufti Nizamuddin Shamzai. Less Than Total Recall VENEZUELA President Hugo Chávez declared himself ready to face a recall vote after the National Electoral Council confirmed that opponents had gathered more than the 2.4 million signatures required for the ballot. But officials have yet to agree on a date: should Chávez be recalled before Aug. 19, new elections will be held...

Author: /time Magazine | Title: World Watch | 6/6/2004 | See Source »

Blocked Recall VENEZUELA At least eight people died in violence following the National Electoral Council's rejection of a petition calling for a referendum on Hugo Chávez's presidency. Although the opposition presented 3.1 million signatures in favor of the recall vote, the council declared only 1.8 million valid - 600,000 short of the threshold for triggering a ballot...

Author: /time Magazine | Title: World Watch | 3/7/2004 | See Source »

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