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Source: http://www.nytimes.com/2010/02/24/world/middleeast/24nuke.html
Iran Letter Repeats Nuclear Swap Terms Rejected by West
(New York Times) Alan Cowell - Iran's reply was couched in terms the U.S. and its allies have already dismissed, according to diplomats. Some analysts have said that, effectively, the IAEA proposal from last October has collapsed. But with the West demanding tougher sanctions, while China, in particular, resists such penalties, neither side is prepared to formally pronounce it dead.