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As the two Koreas, the U.S., China, Japan and Russia prepare for the first round of six-party talks in more than a year, there is reason to hope for progress on the core issue of denuclearizing North Korea. South Korea has recently offered to provide huge amounts of electricity if Pyongyang will give up its nuclear arsenal, now estimated by U.S. intelligence at roughly eight weapons. The U.S. has been less specific about incentives, but seems comfortable with the South Korean offer, and has promised security assurances to North Korea if it comes into compliance with the Nuclear Nonproliferation Treaty and...

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