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I've heard of the serpentine belt failing and taking out the TB cover and the TB, the tensioners for either TB or serp belt failing and taking out the TB. Or the idler pulley or water pump seizing.
If you have a "late" '98 with the 105k mile belt it has a "new" mechanical tensioner which is supposed to be replaced at the same time as the belt. At least according to Volvo. The "early" '98s with the 70k belts have the old-style hydraulic tensioner, it's generally replaced at the second belt change.
-Punx
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