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Heat oil in a large nonstick skillet over medium-low heat. Add onion; cook for about 10 minutes or until very tender and golden brown. Stir in vinegar. Cook and stir for 1 to 2 minutes more or until liquid is evaporated. Stir in roasted red peppers, olives, basil, salt and black pepper. Remove from heat; cover and keep warm.
Meanwhile, in a covered large saucepan, cook green beans in a small amount of boiling water about 10 minutes or until crisp-tender; drain. Stir the onion mixture into the green beans.