Premise: Observers said the Y2K bug's threat 1) was averted thanks to diligent preparation; 2) had been exaggerated by greedy programmers so that customers would commission expensive repairs; and 3) won't pass until companies and governments have used their backroom systems, which were not repaired as thoroughly as critical programs.

Hypothesis: Observers think that the Y2K bug was over-exaggerated. 
Relation: neutral