  We report on two simultaneous XMM-Newton and INTEGRAL observations of the
microquasar GRO J1655-40 during the 2005 outburst when the source was in its
high-soft state. The 0.3-200 keV spectra are complex with an overall continuum
which may be modeled using an absorbed blackbody together with a weak, steep,
power-law component. In addition, there is evidence for the presence of both a
relativistically broadened Fe K line and a highly photo-ionized absorber. The
photo-ionized absorber is responsible for strong K absorption lines of Fe XXV
and Fe XXVI in the EPIC pn spectra and blue-shifted (v = -540 +/- 120 km/s) Ne
X and Fe XXIV features in the RGS spectra. The parameters of the photo-ionized
absorber were different during the two observations with the ionization
parameter, logxi, decreasing from 3.60 +/- 0.04 to 3.30 +/- 0.04 erg cm/s and
the column density decreasing from (5.2 +/- 1.0) x 10^22 atom cm-2 to (1.5 +/-
1.0) x 10^22 atom cm-2 during the first and second observations as the 0.5-200
keV GRO J1655-40 luminosity decreased by around a half. At 90% confidence the
INTEGRAL data show no evidence of a break in the power-law component up to
energies of 380 keV and 90 keV for the first and second observations,
respectively.
