APNewsBreak: Greek creditors recommend loan payout

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http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-10-20-06-51-33

BERLIN (AP) -- Greece is getting its hands on the next batch of bailout loans, according to a draft of a debt inspectors' report obtained by The Associated Press.

Although the inspectors said Greece has missed its targets to get borrowing down and that the pace of reforms were insufficient, they said Athens will get euro8 billion ($11 billion) of bailout loans so the country can avoid bankruptcy.

The inspectors from the European Commission, the European Central Bank and the International Monetary Fund also said Greece's debt dynamics remain "extremely worrying."

Greece has been relying on a euro110 billion ($152 billion) package of rescue loans since May last year.