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while ( <code goes here> ) {}

#!/usr/bin/perl
my $string = 'abc abc abc \textit{abc abc} abc \textit{abc abc \textbf
+{abc \textbf{abc abc} abc} abc} abc.';

while ($string =~ s/\\text(i|b)[tf]\{([^{}]*)\}/<$1>$2<\/$1>/g) {}
print $string;