Step 1: In a saucepan over high heat combine the water, wine and sugar and bring to a simmer, stirring to dissolve sugar and then simmer until reduced to 1/2 cup. Remove from heat and refrigerate until cold
Step 2: In a food processor or blender puree the raspberries and then press through a sieve into a bowl, discarding solids. Stir in the cold wine syrup and cointreau (or other liqueur) and put back in refrigerator to chill.
Step 3: To serve, place 2 tablespoons of the syrup in each of 8 balloon wineglasses. Peel peaches and slice. Divide peaches among the filled wine glasses.
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