Hallel On Purim: The Whole Megillah

Is Hallel recited on Purim? Of course not; it’s that simple! Or is it?
The Gemara in Megillah (14a) tells us that the sages were motivated to institute the reading of the Megillah from the laws of Pesach. So if we recite Hallel on Pesach to celebrate the fact that we were freed from slavery, then there should certainly be a recital on Purim to commemorate the fact that the Jewish nation was saved from wholesale death (see Turei Even). Therefore, the Sages introduced the Megillah reading.
The Gemara wonders why the Sages didn’t introduce the recitation of Hallel on Purim as well, just as it is recited on Pesach. The Gemara offers two possible answers.
Rav Nachman explains that reading the Megillah is tantamount to reciting Hallel. Therefore, since the Megillah is read on Purim, there is no need to recite Hallel. Rava says that the recitation of Hallel is inappropriate on Purim. When the Jews left Egypt, they were truly free of Pharaoh’s rule. Yet after the miraculous salvation of the Jewish nation during the times of Purim, they were still Achashverosh’s subjects. Therefore, since the Jewish nation was not yet totally independent, Hallel is inappropriate.