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Heat margarine (or butter) in a large heavy skillet over medium heat until melted. Add onion and sugar; cook, stirring, for about 10 minutes or until the onion is very tender and golden brown. Stir in vinegar. Cook and stir for 1 to 2 minutes more or until liquid evaporates. Stir in the roasted red peppers, olives, basil, salt and black pepper. Remove pan from heat; keep warm.
Meanwhile, in a medium saucepan, cook the green beans, covered, in a small amount of boiling water for about 10 minutes or until crisp-tender; drain. To serve, stir caramelized onion into green beans.