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The axisymmetric problem of an elastic fiber perfectly bonded to a nonhomogeneous elastic matrix which contains an annular crack going through the interface into the fiber under axially symmetric shear stress is considered. The nature of the stress singularity is studied. It is shown that at the irregular point on the interface, whether the shear modulus is continuous or discontinuous the stresses are bounded. The problem is formulated in terms of a singular integral equation and can be solved by a regular method. The stress intensity factors and crack surface displacement are given.