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Israel's Prime Minister Benjamin Netanyahu: "Iran got the deal of the century and the international community got a bad deal"
US Secretary of State John Kerry is heading to Geneva to join negotiations on Iran's nuclear programme, amid rising expectation of a breakthrough.
Mr Kerry had been on a tour of the Middle East, but changed his plans at the invitation of the EU foreign policy chief Catherine Ashton.
Iran's foreign minister said a deal could be reached on Friday.
The Israeli prime minister said such an agreement would be "very bad" and Israel would not be bound by it.
The talks bring together world powers - the five permanent Security Council members plus Germany (P5+1) - and Iran.
The West suspects Iran's uranium enrichment programme is a step towards building nuclear weapons - a charge Iran strongly denies.
The BBC's Kim Ghattas, who is travelling with Mr Kerry, says his dramatic decision to change his travel plans and go to Geneva is a clear sign that a deal with Iran may be within reach.
State department official Jen Psaki told the BBC Mr Kerry was going "to help narrow differences in negotiations" between Iran and the P5+1 (US, Russia, China, the UK, France and Germany).
UK Foreign Secretary William Hague, French Foreign Minister Laurent Fabius and German Foreign Minister Guido Westerwelle were also making unscheduled trips to Geneva to join the talks on Friday.
Iranian Foreign Minister Mohammad Javad Zarif told CNN on Thursday that Iran would not suspend uranium enrichment completely but could "deal with the various issues on the table".
- Reportedly presented by Mohammad Zarif at Geneva talks in October
- Phase 1 (six-month timeframe): Sanctions to be lifted; re-doubled international inspections
- Phase 2: Details sketchy, but involves confidence-building measures about peaceful nature of Iran's efforts
- Phase 3: End state in which Iran's nuclear programme is certified as peaceful by the international community
The US confirmed some sanctions relief was being offered in return for "concrete, verifiable measures".
"We can provide them some very modest relief, but keeping the sanctions architecture in place," President Barack Obama told NBC News.
"So that if it turned out during the course of the six months when we're trying to resolve some of these bigger issues that they're backing out of the deal, they're not following through on it or they're not willing to forward and finish the job of giving us assurances that they're not developing a nuclear weapon... we can crank that dial back up," he said.
But speaking ahead of meeting John Kerry on Friday morning, Israel's Prime Minister Benjamin Netanyahu said such a deal would be a serious mistake.
"I understand that the Iranians are walking around very satisfied in Geneva - as well they should be, because they got everything and paid nothing.
"Everything they wanted, they wanted relief of sanctions after years of a gruelling sanctions regime, they got that, they are paying nothing because they are not reducing in any way their nuclear enrichment capability.
"So Iran got the deal of the century and the international community got a bad deal, this is a very bad deal. Israel utterly rejects it and what I am saying is shared by many, many in the region, whether or not they express that in publicly.
"Israel is not obliged by this agreement and Israel will do everything it needs to do to defend itself and the security of its people."
Israel considers arch-foe Iran an existential threat. Mr Netanyahu has said the international community should accept nothing short of a complete halt to Iran's entire uranium enrichment programme, the removal of all enriched uranium from its territory, the closure of its underground uranium enrichment facility at Fordo, and a halt to construction of its heavy water reactor near Arak.
'End game'Mr Zarif said the sides could sit down by Friday morning to prepare "some sort of a joint statement" that would address three elements - a common objective, an "end game... in less than a year'' and mutual confidence-building measures.
Iran's lead negotiator, Deputy Foreign Minister Abbas Araqchi, said the world powers had "clearly" accepted his country's proposed framework and were now discussing details.
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Iran's Foreign Minister Mohammad Zarif said the sides could sit down by Friday morning to prepare "some sort of a joint statement"
However, there was no official confirmation from the P5+1.
Hopes of a long-awaited deal on curbing Iran's nuclear ambitions were given fresh momentum this year by the election of President Hassan Rouhani, seen as a relative moderate.
Since 2006 the UN Security Council has imposed a series of sanctions - including asset freezes and travel bans - on entities and people involved in Iran's nuclear programme.
Separate US and EU sanctions have targeted Iran's energy and banking sectors, crippling its oil-based economy. Iran wants the sanctions lifted.
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