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Michael,
First off, mine is a 1992 940 non-turbo, but I think the timeing belt is the same set up on both cars. I don't see where you used any type of penitrating oil. I had the same problem with my harmonic balencer when I changed my timing belt. After removing the bolt and washer I sprayed WD40 on it and waited a half hour tapped it with a plastic mallet then used a screw driver just like you said and it came right off. I have been told by folks on this bulletin board that there are better penitrants, such as PBlaster that you can use that might even work better than WD40. This was the first time I removed a harmonic balancer from a Volvo, so I was expecting a pressed fit like on the Ford and Chevy's I'd done before. When you get the rust and crud off, the pulley slipps right off and slides right back on. No excessive force required.
A word of caution. There isn't a Woodruff key on this crank shaft. The pully is keyed to the crank shaft by the timing belt pulley or gear installed on the crank shaft right behind the pulley. Mine had been treated unkindly in the past so I replaced it this time. There was a slight crack in the tine. The timing belt pulley or gear cost fifty dollars, so treat it nice. Pay attention how the cupped washers that are on each side of the timing belt gear is flared. They both must flare out rather than in. I was told by someone else that they put one on backward and it destroyed the belt in no time at all.
Second caution. Check the timing belt tensioner. My timing belt only had about twenty thousand miles when the tensioner froze up and destroyed the belt. While you have the belt off, check that the tensioner turns freely and that there are no rough spots when you spin it. I'll change my tensioner at a hundred thousand miles when I change the second timing belt. I don't believe the previous owner changed it when the second belt was changed.
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