Index: plugins/Markdown/Markdown.pl
===================================================================
--- plugins/Markdown/Markdown.pl	(revision 2382)
+++ plugins/Markdown/Markdown.pl	(working copy)
@@ -1110,11 +1110,16 @@
     #
     # Unhashify HTML blocks
     #
-    foreach (@grafs) {
-        if (defined( $g_html_blocks{$_} )) {
-            $_ = $g_html_blocks{$_};
+    my $hashes_found;
+    do {        
+        $hashes_found = 0;
+        foreach (@grafs) {
+            if (exists  $g_html_blocks{$graf} ) {
+                $_ = $g_html_blocks{$graf};
+                $hashes_found = 1;
+            }
         }
-    }
+    } while ($hashes_found);
 
     return join "\n\n", @grafs;
 }