The U.S. is prepared to hold direct talks with Iran in the standoff over its nuclear ambitions, Vice President Joe Biden said Saturday, but insisted that Tehran must show it's serious and Washington won't engage in such talks "just for exercise." (Feb. 2)

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Munich - February 2, 2013

SOUNDBITE Joe Biden, Vice President: "There is still time, there is still space, for diplomacy backed by pressure to succeed. The ball is in the government of Iran's court and it's well past time for Teheran to adopt a serious good faith approach to negotiations with the P5 plus 1."

SOUNDBITE Joe Biden, Vice President: "When the Iranian leadership, Supreme Leader (Ayatollah Ali Khamenei), is serious, we have made it clear at the outset that we would be prepared to meet bilaterally with the Iranian leadership. We would not make it a secret that we were doing that. We would let our partners know, if that occasion presented itself. That offers stands, but it must be real and tangible and there has to be an agenda that they're prepared to speak to. We are not just prepared to do it for the exercise."