Hugo Chavez Dies of Cancer: Venezuela's Charismatic President Leaves Behind a Power Vacuum

President Hugo Chavez of Venezuela died Tuesday afternoon from cancer, according to statements made by the Venezuelan government.

"It's a moment of deep pain," said Vice President Nicolas Maduro, who will take over the reins of government for now. The Venezuelan Constitution mandates a new presidential election within 30 days, though it remains to be seen whether that will actually happen.

Chavez won election to a fourth presidential term in October of last year, defeating his moderate opponent Henrique Capriles by 11 points. In December, Chavez shocked the nation when he announced he was traveling to Cuba for a fourth surgery for an undisclosed type of cancer.

After his Dec. 11 surgery, he was only seen in public once. Opposition leaders called for him to step down if he could not attend his reinauguration ceremony in January.

Chavez did miss the ceremony, but the Venezuelan Supreme Court, which has ties to the Chavez regime, ruled that it was a formality that could be completed at a later date.

Chavez was a bombastic, charismatic leader, especially popular among the country's poor, as well as the military, of which he was a member.

He frequently railed against capitalism and the United States -- nationalizing most industries, like the oil companies extracting Venezuela's vast natural resources.

While life has become easier for many poverty-stricken people during Chavez's rule, inflation is nearly the highest in the world, and no city in the world has a higher murder rate than the capital of Caracas.

Now that Chavez is officially dead, there will be a scramble to fill the power vacuum.

Maduro may try to hold onto power without holding elections, though he is much less popular and persuasive than Chavez ever was. Still, Chavez did anoint Maduro as his heir apparent before his latest surgery, so there is an air of legitimacy about him, and he is the current democratically elected vice president.

A more likely scenario is that elections do take place within the month. Maduro will want to capitalize on Chavez's coattails, and it's likely many people will vote for him out of loyalty to Chavez, particularly so soon after his death.

But the middle classes and the intelligentsia support Capriles, who advocates a more moderate (though decidedly leftist) approach to governance, the economy and foreign policy.

Capriles also has the support of students, as well as most expatriate Venezuelans living in America. It is possible those wealthier Venezuelans now living in the United States could pour money into the election. Of course, an influx of foreign money influencing a local election would be a rallying point for Maduro, who would claim that only he can keep the heavy hand of the United States at bay.

With Chavez gone, Venezuela will need to decide how to hold itself together. The leftist movements of South America will be watching closely.