Shockingly, most Russians did not seem to react well to a strategy of marginalization and confrontation.

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The offshore centres of the future will probably be politically stable, with good legal systems and firms and a strategy of non-confrontation with big economies on tax.

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The other course is one of increased confrontation, with a fundamental shift in Ms Bhutto's strategy towards combating militancy, the larger aim of her earlier dialogue with Gen Musharraf.

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