Venezuela Chavez concedes defeat in vote on powers

CARACAS (Reuters) - Venezuelan President Hugo Chavez on Monday conceded defeat in a referendum on allowing him to run indefinitely for re-election, saying the move was meant to avoid political tension in the country.

Chavez sought a raft of constitutional changes to expand presidential powers, allow him to advance his self-styled revolution and consolidate a socialist state for the OPEC nation.

(For more on Venezuela's referendum, click here)

(Reporting by Hugh Bronstein)