(Adds details, quotes paragraphs 5, 9, 17-18) By Olga Dzyubenko BISHKEK, Nov 8 (Reuters) - Kyrgyzstan's parliament adopted a new constitution on Wednesday reducing the president's powers, defusing a political crisis that had threatened the Central Asian state's fragile stability. The country's political opposition, which had staged seven days of protests calling on the president to quit if he would not cede to their demands, hailed the vote as a victory. About 500 opposition supporters who remained on a central square for the vote shortly before midnight whistled, shouted and waved Kyrgyz national flags. Organisers let off fireworks and protesters waved sparklers. "This is our victory, we won," said driver Baktybek Kalybayev. "It's our day, it's democracy." The new constitution will make Kyrgyzstan Central Asia's only ex-Soviet republic to have strong parliamentary checks and balances on the powers of the president. The protests broke out after the opposition accused President Kurmanbek Bakiyev of going back on promises to introduce democratic reforms when he was elected last year in the wake of violent protests that prompted his long-serving predecessor to flee the country. The United States and Russia both have military airbases in Kyrgyzstan. It borders Kazakhstan, an oil-producing state where Western companies have invested billions of dollars. The parliament vote was passed in two quick successive readings by all 67 members present in the 75-seat chamber. The house erupted in cheers of "hurrah" after the votes and the national anthem played out over loudspeakers. 'THIS IS THE BEGINNING' "The constitution itself cannot solve all of our problems," Omurbek Tekebayev, a former parliament speaker and the main leader of the opposition movement For Reform, said. "But it gives us the conditions to solve them. This is the beginning." State Secretary Adakhan Madumarov said before the vote that Bakiyev would sign the new constitution -- the final legislative step -- without delay if parliament passed it. Wednesday's deal came after a day of wrangling over details of the new constitution. Tension was high following a brief clash on Tuesday between opposition protesters and a smaller group of Bakiyev supporters that was broken up by riot police using tear gas. Though it has few energy resources of its own, Kyrgyzstan lies in a region rich in oil, gas and uranium where Beijing, Moscow and Washington are all jostling for influence. Bakiyev's 16-month rule has been fragile from the outset, raising the possibility he could suffer a similar fate to his predecessor, Askar Akayev, if protests continued. The opposition says the new constitution is a reasonable compromise that should end the political standoff. The deal removes the president's right to dissolve parliament and appoint the prime minister, who will instead be nominated by the party winning most votes in elections. Although opposition leaders have said they are happy to see Bakiyev serve out his five-year term until July 2010 under the new constitution, some of their supporters still want him to go. "Bakiyev proved he can't be trusted, we still want him out," Zhambek, a 32-year-old cook wearing a red headband, said. "We will have to see if he keeps his word this time." (Additional reporting by Maria Golovnina and Michael Steen)
