"The file does not exist, or you do not have read access" error when you try to import an Access 2010 database into Access 2007

Symptoms

Consider the following scenario:
  • You work in an environment in which Microsoft Office Access 2007, Microsoft Access 2010, and Access 2010 Services for SharePoint 2010 are all installed. 
  • You use Access 2010 to create a new database that uses Access 2010-specific features such as cache mode, data macros, and calculated columns. 
  • You save this database to a public share.
  • You start Access 2007 Service Pack 2 (SP2) and create a blank database. 
  • You try to import several tables from the Access 2010 file.
In this scenario, you receive the following error message:

The file does not exist, or you do not have read access to the file.

Status

Microsoft has confirmed that this is a bug in the Microsoft products that are listed in the "Applies to" section.