Azerbaijan holds referendum to extend president's term

By Nailia Bagirova BAKU (Reuters) - Azerbaijan held a referendum on Monday on extending the presidential term from five to seven years, a step that a European democracy watchdog said would hand unprecedented power to President Ilham Aliyev. The authorities argue that a longer presidential term will make for more continuity in decision-making, which they describe as vital after a slump in world oil prices halted Azerbaijan's long run of economic growth. "One of the main tasks of the referendum is