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Negotiations are set to resume in September between Iran and the P5+1 countries -- the five permanent U.N. Security Council members along with Germany -- with an eye to restarting a diplomatic process that might lead to a resolution of the stand-off over Iran's nuclear program.

The question is whether something akin to the 2003 Libyan breakthrough is possible -- or even desirable. By that scenario, Iran would stop all of its efforts to achieve a nuclear weapons breakout capability -- notably, the ability to enrich uranium. In return, the U.S. and its Western allies would agree to lift sanctions and extend de facto security guarantees as well.