Losing the supermajority in Venezuela’s National Assembly, Hugo Chavez’s allies still maintain majority, but cannot carryout sweeping changes without cooperation from the minority. The anti-U.S. leader hailed the elections as a victory, but most analysts say the results indicate that his grip is slipping. Get the full story, with pictures and video below!

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The photo above shows the happy President waiving the Bolivarian constitution. Proclaiming a “solid victory” via his Twitter account, the Venezuelan President’s party celebrated with an impressive fireworks display in Caracas. Opposition leaders also claimed the result as a victory, a claim which the President downplayed.

“Keep beating me like that,” he said smiling at a news conference. “The revolutionary forces obtained a very important victory.”

Still, with Hugo Chavez’s allies relying on cooperation from the opposition for further legislation, locals are hoping that their radical leader will be forced to focus on fixing internal problems such as skyrocketing inflation and rampant violence.

“It might force him to be more pragmatic and increasingly more focused on internal matters, especially now that he’s got his eye looking toward 2012,” Tinker Salas, a professor at Pomona College in Claremont, said.

In 2012, the President faces re-election, and the close public vote in the recent election is a shot across the bow for the sitting leader. Looking at the big picture, analysts say it would be in his interest to woo voters by using the next two years to focus on internal reform instead of grandiose plans. Still, opposition leader Isabel Cepeda says the only way to fix the country is to remove its wayward leader.

“We want democracy to continue in our country, and it’s now held hostage,” Cepeda said. “If we stay on this path, we’re headed toward being a second Cuba.”

Do you think the 2012 vote is going to re-elect Hugo Chavez? Allies of the opposition are gaining strength all the time, and a paralyzed lawmaking body may tarnish the leader’s image further. Let me know your thoughts in the comment section! And don’t miss the photos and video on the elections below!

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Photos: www.wenn.com/News Pictures