Reuters is out with a report saying "much of the text" of a 20-page Iran nuclear deal has been agreed but some thorny issues remain.
- Sequencing starts with Iran suspending nuclear enrichment above 5%
- That will come with unfreezing $7B in Iranian funds held in South Korean banks along with the release of western prisoners
- Once in place the main phase of sanctions-lifting will begin
- Timeline of between 1 and 3 months from agreement to full implementation
- New agreement will be like the old one where the US grants sanctions waivers renewing every few months
- Iran continues to demand the US guarantee it will not withdraw again
- Compromise may include agreement that Iran can enrich up to 60% again if US violates pact
- Final round of negotiations may require face to face meetings between Iran and US
That last headline is an important one. If that meeting is scheduled or takes place, it will be a sign that an agreement is close at hand.
