The latest: Tsipras, in personal speech, admits mistakes

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Greece: 'A Solution Has to Be Found'
ATHENS, Greece (AP) -- The latest from Greece's financial crisis (all times local):

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12:35 a.m.

In a speech with a strongly personal tone, Prime Minister Alexis Tsipras says he negotiated as hard as he could and admits his government had made mistakes during his barely six-month tenure as he fought to win bailout funds for his debt-ridden country.

Speaking in a late-night parliament session, Tsipras described the last few months as a war in which difficult battles were fought and some were lost. "Now I have the feeling we've reached the demarked line. From here on there is a minefield," he said.

He added that he doesn't have the right to hide from the Greek people that the measures Greece must take are far from his left-wing party's pre-election pledges.

But he insisted the latest proposal contains measures that would help the economy and, if approved by Greece's creditors, would unlock sufficient financing for the country to emerge from its protracted crisis and see its massive debt tackled.

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12:00 a.m.

Greek lawmakers have begun debating the government's reform proposals in a late-night parliament session due to end in a vote at 3 a.m.

The government has asked for lawmakers' endorsement to use the proposed measures as a basis for negotiation. If approved by creditors, who are to discuss the measures over the weekend, Greece will get a third bailout of more than 50 billion euros.

The measures include tax hikes and spending cuts very similar to ones Greeks rejected in a referendum last Sunday, but the reforms would bring a far larger aid package over a longer period of time.

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10:10 p.m.

Greece's former finance minister, Yanis Varoufakis, says family obligations will keep him away from Friday night's parliament session to debate the government's proposed reforms in return for a third bailout.

The government has asked for parliament's approval to use the Greek proposals sent to creditors Thursday as the basis for negotiations with the creditors due to start Saturday. The vote is expected sometime overnight Friday.

Varoufakis tweeted that he would be spending the weekend with his daughter before she returns to Australia, where she lives. He sent parliament a letter saying he was voting in favor of the motion.

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8:10 p.m.

Greece's new finance minister claims his country will win better terms for a bailout deal after calling a referendum, despite angering creditor countries.

In his first speech in parliament since becoming minister, Euclid Tsakalotos argued that the new proposed cuts are more socially fair than those in a previous draft agreement.

He told lawmakers: "I think after the referendum we are in a stronger position."

The proposed deal, he said, would provide three years of financing with repayments spaced more evenly than under previous bailouts. He said there was also growing consensus for the need for a long-term debt relief agreement by 2022, when interest payments are set to surge.

He added: "I think most of what we are aking for on debt relief is going to happen."

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6:40 p.m.

Spanish Economy Minister Luis De Guindos is advising caution, not optimism, about Greece's reform proposals, which he says he hasn't seen yet.

The proposals are to be discussed by eurozone finance ministers on Saturday, ahead of an EU summit Sunday, following months of failed negotiations between Athens and creditors.

De Guindos said "I would be cautious" about the chances of the proposals bringing a deal.

Even so, he said the proposals moved Greece "back to a square before the referendum."

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The latest: Tsipras, in personal speech, admits mistakes
A bank employee distributes tags with queue positions to pensioners as they wait outside the main gate of the national bank of Greece to withdraw a maximum of 120 euros ($134) in central Athens, Thursday, July 16, 2015. Greece’s troubled left-wing government is seeking urgent relief from European lenders on Thursday, after it pushed a harsh austerity package thought parliament, triggering a revolt in the ruling party and violent demonstrations in central Athens. (AP Photo/Emilio Morenatti)
Pensioners wait for the opening of the national bank of Greece to withdraw a maximum of 120 euros ($134) for the week in central Athens, Thursday, July 16, 2015. Greece’s troubled left-wing government is seeking urgent relief from European lenders on Thursday, after it pushed a harsh austerity package thought parliament, triggering a revolt in the ruling party and violent demonstrations in central Athens. (AP Photo/Emilio Morenatti)
Pensioners wait for the opening of the national bank of Greece to withdraw a maximum of 120 euros ($134) for the week in central Athens, on Friday, July 17, 2015. Greece on Thursday won vital pledges of support from bailout lenders needed to keep its economy from collapsing, but officials in Athens said the painful austerity measures demanded in return were likely to force an election within months.(AP Photo/Petros Giannakouris)
Pensioners wait for the opening of the national bank of Greece to withdraw a maximum of 120 euros ($134) for the week in central Athens on, Friday, July 17, 2015. Greece on Thursday won vital pledges of support from bailout lenders needed to keep its economy from collapsing, but officials in Athens said the painful austerity measures demanded in return were likely to force an election within months.(AP Photo/Petros Giannakouris)
Pensioners wait for the opening of the national bank of Greece to withdraw a maximum of 120 euros ($134) for the week in central Athens, Thursday, July 16, 2015. Greece’s troubled left-wing government is seeking urgent relief from European lenders on Thursday, after it pushed a harsh austerity package thought parliament, triggering a revolt in the ruling party and violent demonstrations in central Athens. (AP Photo/Emilio Morenatti)
People stand in queues as they wait to use the ATMs of two banks, after government's decision for limited daily cash withdrawals to 60 euros, in Athens, Saturday, July 4, 2015. Campaigns halted in Greece on Saturday on the eve of a closely watched bailout referendum — with voters in a dead heat over whether to defy creditors and push for better repayment terms or essentially seek new political leadership to find a compromise. (AP Photo/Thanassis Stavrakis)
People stand in a queue as they wait to use the ATMs of a bank, after government's decision for limited daily cash withdrawals to 60 euros, in Athens, Saturday, July 4, 2015. Campaigns halted in Greece on Saturday on the eve of a closely watched bailout referendum — with voters in a dead heat over whether to defy creditors and push for better repayment terms or essentially seek new political leadership to find a compromise. (AP Photo/Thanassis Stavrakis)
ATHENS, GREECE - JULY 03: Pensioners without ATM cards wait in queue outside a bank branch to withdraw money from their pension funds on July 03, 2015 in Athens, Greece. (Photo by Salih Baran/Anadolu Agency/Getty Images)
Pensioners stand in a queue outside a bank in Athens, Wednesday, July 1, 2015. About 1,000 bank branches around the country were ordered by the government to reopen Wednesday to help desperate pensioners without ATM cards cash up to 120 euros ($134) from their retirement checks. Eurozone finance ministers were set to weigh Greece's latest proposal for aid Wednesday. (AP Photo/Daniel Ochoa de Olza)
A pensioner looks at customers who use an ATM as she sits outside a bank in Athens, Wednesday, July 1, 2015. About 1,000 bank branches around the country were ordered by the government to reopen Wednesday to help desperate pensioners without ATM cards cash up to 120 euros ($134) from their retirement checks. Eurozone finance ministers were set to weigh Greece's latest proposal for aid Wednesday. (AP Photo/Thanassis Stavrakis)
An employee of a bank gives directions to pensioners in Athens, Wednesday, July 1, 2015. About 1,000 bank branches around the country were ordered by the government to reopen Wednesday to help desperate pensioners without ATM cards cash up to 120 euros ($134) from their retirement checks. Eurozone finance ministers were set to weigh Greece's latest proposal for aid Wednesday. (AP Photo/Thanassis Stavrakis)
Pensioners stand in a queue outside a bank in Athens, Wednesday, July 1, 2015. About 1,000 bank branches around the country were ordered by the government to reopen Wednesday to help desperate pensioners without ATM cards cash up to 120 euros ($134) from their retirement checks. Eurozone finance ministers were set to weigh Greece's latest proposal for aid Wednesday. (AP Photo/Thanassis Stavrakis)
Pensioners try to get a number to enter inside a bank in Athens, Wednesday, July 1, 2015. About 1,000 bank branches around the country were ordered by the government to reopen Wednesday to help desperate pensioners without ATM cards cash up to 120 euros ($134) from their retirement checks. Eurozone finance ministers were set to weigh Greece's latest proposal for aid Wednesday. (AP Photo/Daniel Ochoa de Olza)
People line up at ATMs outside a National bank branch in the northern Greek port city of Thessaloniki, Monday, June 29, 2015. Anxious Greeks lined up at ATMs as they gradually began dispensing cash again on the first day of capital controls imposed in a dramatic twist in Greece’s five-year financial saga. Banks will remain shut until next Monday, and a daily limit of 60 euros ($67) has been placed on cash withdrawals from ATMs . (AP Photo/Giannis Papanikos)
Pensioners wait outside a closed branch of the Greek National bank in Thessaloniki on June 29, 2015 as Greece ordered its banks to shut for one week and imposed capital controls today, sending markets tumbling after its citizens emptied ATMs on the eve of a potentially disastrous default. In a ray of hope, creditors left the door open to Greece for a last-ditch debt deal, in order to try and avert a dangerous default that could spark a Greek eurozone exit and raise serious questions about the future of the European Union. AFP PHOTO / SAKIS MITROLIDIS (Photo credit should read SAKIS MITROLIDIS/AFP/Getty Images)
ATHENS, GREECE - JUNE 29: People wait in line to withdraw 60 euros from an ATM after Greece closed its banks on June 29, 2015 in Athens, Greece. Greece closed its banks and imposed capital controls on Sunday to monitor the growing strains on its crippled financial system, bringing the prospect of being forced out of the euro into plain sight. (Photo by Milos Bicanski/Getty Images)
A man withdraws the withdrawal limit of 60 euros at an ATM machine in Thessaloniki on June 29, 2015 as Greece ordered its banks to shut for one week and imposed capital controls today, sending markets tumbling after its citizens emptied ATMs on the eve of a potentially disastrous default. In a ray of hope, creditors left the door open to Greece for a last-ditch debt deal, in order to try and avert a dangerous default that could spark a Greek eurozone exit and raise serious questions about the future of the European Union. AFP PHOTO / SAKIS MITROLIDIS (Photo credit should read SAKIS MITROLIDIS/AFP/Getty Images)
Elderly people, who usually get their pensions at the end of the month, wait outside a closed bank in the northern Greek port city of Thessaloniki, Monday, June 29, 2015. Greece's five-year financial crisis took its most dramatic turn yet, with the cabinet deciding that Greek banks would remain shut for six business days and restrictions would be imposed on cash withdrawals. (AP Photo/Giannis Papanikos)
Pensioners queue outside a closed branch of the Greek National bank in Thessaloniki on June 29, 2015 as Greece ordered its banks to shut for one week and imposed capital controls today, sending markets tumbling after its citizens emptied ATMs on the eve of a potentially disastrous default. In a ray of hope, creditors left the door open to Greece for a last-ditch debt deal, in order to try and avert a dangerous default that could spark a Greek eurozone exit and raise serious questions about the future of the European Union. AFP PHOTO / SAKIS MITROLIDIS (Photo credit should read SAKIS MITROLIDIS/AFP/Getty Images)
Foreign anti-EU activists protest in front of the Greek parliament in Athens, during a demonstration calling for 'NO' at referendum and for Greece's exit from the eurozone on June 28, 2015. Greek Prime Minister Alexis Tsipras stunned Europe late Friday with a surprise call for a July 5 referendum on the latest cash-for-reforms package and advised voters against backing a deal that he said spelled further 'humiliation'..AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Members of left wing parties hold placards reading in Greek ''There is no future in the European Union'' during a protest in Athens, Sunday, June 28, 2015. Greek Prime Minister Alexis Tsipras says the Bank of Greece has recommended that banks remain closed and restrictions be imposed on transactions, after the European Central Bank didn't increase the amount of emergency liquidity the lenders can access from the central bank. (AP Photo/Daniel Ochoa de Olza)
ATHENS, GREECE - JUNE 28: People wait in a queue in front of a bank's ATM to withdraw their cash in Athens, Greece on June 28, 2015. Greeks are anxious about whether the European Central Bank will increase the emergency liquidity assistance, banks can draw on from the country's central bank or not. (Photo by Ayhan Mehmet/Anadolu Agency/Getty Images)
ATHENS, GREECE - JUNE 21: Protesters attend an anti-austerity pro-government rally in front of the parliament building on June 21, 2015 in Athens, Greece. Greece's leftwing government believes it can reach a deal with its creditors on Monday. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 21: Greek Presidential Guard conducts his ceremonial march as protesters attend an anti-austerity pro-government rally in front of the parliament building on June 21, 2015 in Athens, Greece. Greece's leftwing government believes it can reach a deal with its creditors on Monday. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 21: Protesters attend an anti-austerity pro-government rally in front of the parliament building in Athens, Greece, June 21, 2015. Greece's leftwing government believes it can reach a deal with its creditors on Monday. (Photo by Milos Bicanski/Getty Images)
A girl sits on her father's shoulders as she unfurls the Greek flag during a protest march in solidarity with Greece in the center of Brussels on Sunday, June 21, 2015. Heads of state in the eurogroup will meet in Brussels on Monday for a special summit to discuss the financial crisis with Greece. (AP Photo/Virginia Mayo)
Protesters hold national flags during an anti-austerity rally in front of the parliament in Athens, Greece, on Wednesday, June 17, 2015. Greece and its creditors publicly blamed one another for an impasse in bailout talks, on the eve of a eurozone finance ministers' meeting billed as key to their outcome. (AP Photo/Yorgos Karahalis)
Russian President Vladimir Putin, left, and Greek Prime Minister Alexis Tsipras arrive for their talks at the St. Petersburg International Investment Forum in St.Petersburg, Russia, Friday, June 19, 2015. (AP Photo/Alexander Zemlianichenko)
An army contingent stands below a fluttering Greek flag after a hoisting ceremony at the Acropolis hill in Athens, Greece Thursday, June 18, 2015. Greece and its creditors publicly blamed one another for an impasse in bailout talks, on the eve of a eurozone finance ministers' meeting billed as key to their outcome. (AP Photo/Yorgos Karahalis)
Greek Prime Minister Alexis Tsipras smiles while taking part in a wreath laying ceremony, at the monument for the founder of modern Greek state Ioannis Kapodistrias, in St. Petersburg, Russia, Friday, June 19, 2015. Russia is willing to consider giving financial aid to Greece, President Vladimir Putin's spokesman said Friday ahead of talks between the leaders of the two countries. (Valentin Yegorshin/Pool Photo via AP)
An army contingent carry a Greek flag in front of the temple of the Parthenon before a hoisting ceremony at the Acropolis hill in Athens, Greece Thursday, June 18, 2015. Greece and its creditors publicly blamed one another for an impasse in bailout talks, on the eve of a eurozone finance ministers' meeting billed as key to their outcome. (AP Photo/Yorgos Karahalis)
Greek Finance Minister Yanis Varoufakis , left, speaks with Managing Director of the International Monetary Fund Christine Lagarde during a round table meeting of eurogroup finance ministers at the European Council building in Luxembourg on Thursday, June 18, 2015. German Chancellor Angela Merkel is pressing Greece to deliver on commitments to carry out reforms, stressing that she wants the country to remain in the common currency. (AP Photo/Virginia Mayo)
Protesters holding national flags take part in an anti-austerity rally in front of the parliament in Athens, Greece, on Wednesday, June 17, 2015. Greece and its creditors publicly blamed one another for an impasse in bailout talks, on the eve of a eurozone finance ministers' meeting billed as key to their outcome. (AP Photo/Yorgos Karahalis)
A pro-euro protester waves a Greek and a European Union flag during a rally in front of the parliament in Athens, Greece, on Thursday, June 18, 2015. More than 5,000 people attended the rally in support of Greece remaining in the euro. About three-quarters of Greeks support keeping the EU's common currency, according to recent polls. Greece and creditors failed to reach an agreement Thursday in troubled bailout talks, with a June 30 deadline looming. (AP Photo/Yorgos Karahalis)
Managing Director of the International Monetary Fund Christine Lagarde, left, waits for the start of a media conference after a meeting of eurogroup finance ministers at the European Council building in Luxembourg on Thursday, June 18, 2015. Greece faced intense pressure Thursday from its international creditors to break a deadlock in bailout discussions that’s raised the specter of the country’s imminent bankruptcy and even its exit from the euro. (AP Photo/Virginia Mayo)
Pro-euro protesters shout slogans as they wave a European Union flag from the parliament during a rally in Athens, Greece, on Thursday, June 18, 2015. More than 5,000 people attended the rally in support of Greece remaining in the euro. About three-quarters of Greeks support keeping the EU's common currency, according to recent polls. Greece and creditors failed to reach an agreement Thursday in troubled bailout talks, with a June 30 deadline looming. (AP Photo/Yorgos Karahalis)
Pro-euro protesters wave Greek and European Union flags during a rally in front of the parliament in Athens, Greece, on Thursday, June 18, 2015. More than 5,000 people attended the rally in support of Greece remaining in the euro. About three-quarters of Greeks support keeping the EU's common currency, according to recent polls. Greece and creditors failed to reach an agreement Thursday in troubled bailout talks, with a June 30 deadline looming. (AP Photo/Yorgos Karahalis)
A pro-euro protester holds a placard which reads: "Yes to Europe", during a rally in front of the parliament in Athens, Greece, on Thursday, June 18, 2015. More than 5,000 people attended the rally in support of Greece remaining in the euro. About three-quarters of Greeks support keeping the EU's common currency, according to recent polls. Greece and creditors failed to reach an agreement Thursday in troubled bailout talks, with a June 30 deadline looming. (AP Photo/Yorgos Karahalis)
Dutch Finance Minister and chair of the eurogroup Jeroen Dijsselbloem speaks during a media conference after a meeting of eurogroup finance ministers at the European Council building in Luxembourg on Thursday, June 18, 2015. Greece faced intense pressure Thursday from its international creditors to break a deadlock in bailout discussions that’s raised the specter of the country’s imminent bankruptcy and even its exit from the euro. (AP Photo/Virginia Mayo)
ATHENS, GREECE - JUNE 3: A Greek flag billows in the wind on the Acropolis Hill on June 3, 2015, in Athens, Greece. Greek Prime Minister Alexis Tsipras is expected to be presented with the international creditors' plan of tough economic reforms for Greece in order to unlock 7.2 billion Euros of rescue loans later today. It is unclear whether Greece will accept the offer, as Tsipras has previously called for his own proposals to be considered by the creditors (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 15: View of the index in the Hellenic Exchange office on June 15, 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 15:.Woman pass by Hellenic Exchange office in Athens on June 15, 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images))
ATHENS, GREECE - JUNE 15: View of the index in the Hellenic Exchange office on June 15, 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
Greece's Deputy Foreign Minister for international economic relations, Euclid Tsakalotos, arrives at the Prime minister's office for an emergency meeting, in Athens, Monday, June 15, 2015. Tsipras held an meeting with the team of Greek bailout negotiators, and said the talks had stalled on demands by the creditors — the other eurozone states and the IMF — for a new round of pension cuts, which his government rejected.(AP Photo/Petros Giannakouris)
A woman walks past Bank of Greece headquarters in central Athens on June 15, 2015. Athens will patiently wait until its creditors become realistic, Greece's premier said, a day after last-ditch talks between the two sides collapsed and raised fears that Athens would default and exit the eurozone. AFP PHOTO/ LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
A man reads a newspaper outside a kiosk selling souvenir bags in the Monastiraki tourist district of Athens on Monday, June 15, 2015. The European Commission said Sunday that weekend talks to find common ground between international creditors and Greece were unsuccessful and left a wide rift that needs to be closed within two weeks to avoid a possible Greek default.(AP Photo/Petros Giannakouris)
ATHENS, GREECE - JUNE 15: Locals visit the Green market on June 15 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 15: Pensioners play backgammon in front of closed shop on June 15, 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 15: Women buy on cheep clothing at a flea market on June 15 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
A Greek flag is seen in a mini market in central Athens on Monday, June 15, 2015. The European Commission said Sunday that weekend talks to find common ground between international creditors and Greece were unsuccessful and left a wide rift that needs to be closed within two weeks to avoid a possible Greek default.(AP Photo/Petros Giannakouris)
A man walks past graffiti featuring the word 'Time' but using the Euro sign in place of the letter 'e'on a wall in Athens on June 15, 2015. Greek Prime Minister Alexis Tsipras insisted in an oped piece in a Greek newspaper on June 15, 2015 that Athens would 'wait patiently' until the International Monetary Fund and the European Union became 'more realistic', a day after last-ditch talks between the two sides collapsed, bringing the threat of a Greek exit from the euro closer than ever. AFP PHOTO/ LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
An elderly men stands outside the Athens central market on June 15, 2015. Athens will patiently wait until its creditors become realistic, Greece's premier said, a day after last-ditch talks between the two sides collapsed and raised fears that Athens would default and exit the eurozone. AFP PHOTO/ Louisa Gouliamaki (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
ATHENS, GREECE - JUNE 15: Local people pass by graffiti that says 'Greece vs Everybody' on June 15, 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
People read newspaper's headlines in central Athens on June 15, 2015. Athens will patiently wait until its creditors become realistic, Greece's premier said, a day after last-ditch talks between the two sides collapsed and raised fears that Athens would default and exit the eurozone. AFP PHOTO/ Louisa Gouliamaki (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
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6:30 p.m.

A group of dissenters in Greece's governing Syriza party is urging the government to prepare to leave the euro and to reject any deal with creditors that involves more crippling austerity.

The group known as the Left Platform submitted a letter to Syriza lawmakers who met in parliament early Friday. In it, the group said an exit from the euro "under present conditions is a difficult but feasible process that will allow the country to follow a different path."

Syriza lawmakers met ahead of vote to authorize Prime Minister Alexis Tsipras to negotiate a deal with creditors in Brussels this weekend.

His government submitted a list of reforms to creditors late Thursday in order to win support for a new financial rescue of the country. So far, most of the responses to the proposals have been positive.

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6:20 p.m.

The president of Cyprus says the Greek government's reform proposals to its creditors are much improved from previous versions and that there's a "solid basis" for an agreement to prevent the country from going bankrupt.

President Nicos Anastasiades says he's "more optimistic" now than he was in the past few days when there was much uncertainty whether Greece would meet a Thursday deadline to submit the proposals.

Anastasiades said he fully supports the restructuring of Greece's debt to make it more sustainable which would help the country overcome its economic crisis.

He said debt relief doesn't necessarily mean a write-off, but an agreement could see repayment deadlines extended and interest rates slashed.

Anastasiades was speaking after talks aimed at reunifying ethnically divided Cyprus with breakaway Turkish Cypriot leader Mustafa Akinci.

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5:40 p.m.

The International Monetary Fund's outgoing chief economist thinks Greece may need more money than the fund thought even last week.

In a blog post, Olivier Blanchard said Greece will likely need more than the 60 billion euros or so that the Fund indicated in a report last week. He said a big portion of the additional help is needed to help Greece's banks which are exposed to shaky Greek government bonds and have been fighting an outflow of deposits.

Blanchard also said Greece may need more generous debt relief than anticipated and that Greece's European creditors considered the analysis "as too pessimistic."

Greece has sent creditors a list of reform proposals in order to get 53.5 billion euros ($59.5 billion) of financing for three years and is hopeful of getting some sort of debt relief in return.

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4:05 p.m.

U.S. Treasury Secretary Jacob Lew has expressed cautious optimism that Greece's latest offer could resolve a debt standoff and allow the country to stay in the eurozone.

He told a forum in New York on Friday that "It certainly looks like they're getting closer," adding, however, that "they've had trouble getting from close to closed."

He says Greece needs to take difficult steps to reduce budget deficits and make its economy more efficient. He also says Greece's creditors need to restructure the country's debt, though that would not necessarily mean they would have to write off a part of what Greece owes them.

He says "It's going to be a long slog through the next few days, but it should get worked out."

Lew says the global financial system is better positioned to deal with Greece's exit from the euro than it was a few years. Still, he said: "It would be a better thing for the global economy if this thing gets resolved."

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2:45 p.m.

French Prime Minister Manuel Valls laid out his hopes for an imminent Greek bailout deal after the country's government sent "solid, serious and complete" reform proposals to creditors.

Valls' optimistic comments echo those made earlier by French President Francois Hollande.

Valls warned of the economic as well as political risks of a Greek exit from the euro.

"We should do everything so that Greece remains in the eurozone," Valls told reporters in remarks broadcast on French television. "No one can pretend to know the consequences, economic, politic, public order... of a Greek exit."

Valls conceded that France and Germany had a `different rapport' with regard to Greece but that difference didn't hurt the overall relationship between the two countries.

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2:25 p.m.

A Greek opposition party leader predicted a "large majority" of lawmakers will approve the government's proposals to creditors in a crucial vote later.

Potami party leader Stavros Theodorakis says there's no more room for discussions and that the Greek people want a deal ending "the anxiety and the stranglehold" that they feel.

He said a talk with European Commission President Jean-Claude Juncker Friday left him with the sense that the international creditors feel the Greek proposals are "moving in the right direction."

Theodorakis said some "details" remain that both the Greek government and the creditors have still to iron out.

Greece met a Thursday deadline with a sweeping reform package that it hopes will convince creditors to turn lend it billions more, which would secure the country's place in the 19-country eurozone.

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ATHENS, GREECE - JULY 13: Pensioners talk to bank staff as they wait to collect their pensions outside a National Bank of Greece branch in Kotzia Square on July 13, 2015 in Athens, Greece. Eurozone leaders have reportedly made an 'agreement' on the Greek debt crisis in Brussels. After lengthy talks EU President Donald Tusk tweeted that a bailout programme was 'all ready to go'. (Photo by Christopher Furlong/Getty Images)
Demonstrators hold a poster against the austerity policy of Germany prior to a special session of the parliament Bundestag on negotiations with Greece for a new bailout in Berlin, Germany, Friday, July 17, 2015. (AP Photo/Markus Schreiber)
A woman burns the flag of the ruling party Syriza, surrounded by journalists, in front of the Greek parliament in Athens, during an anti-EU demonstration in Athens calling for a no to any agreement with the creditors on July 13 , 2015. Eurozone leaders struck a deal on a bailout to prevent debt-stricken Greece from crashing out of the euro forcing Athens to push through draconian reforms in a matter of days. AFP PHOTO/ LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Leftist protester holds a greek flag in front of the Greek parliament as they take part an anti-EU demonstration in Athens calling for a 'NO' to any agreement with the creditors on July 13, 2015. Eurozone leaders struck a deal Monday on a bailout to prevent debt-stricken Greece from crashing out of the euro, forcing Athens to push through draconian reforms in a matter of days. AFP PHOTO / ANDREAS SOLARO (Photo credit should read ANDREAS SOLARO/AFP/Getty Images)
People read newspaper headlines in central Athens on July 13, 2015. Greece reached a desperately-needed bailout deal with the eurozone on July 13 after marathon overnight talks, in a historic agreement to prevent the country crashing out of the European single currency. The country's leftist Prime Minister Alexis Tsipras agreed to tough reforms after 17 hours of gruelling negotiations in return for a three-year bailout worth up to 86 billion euros ($96 billion), Greece's third rescue programme in five years. AFP PHOTO / ARIS MESSINIS (Photo credit should read ARIS MESSINIS/AFP/Getty Images)
A elderly man In a wheelchair waits with other pensioners outside a national bank branch to withdraw a maximum of 120 euros ($134) for the week in central Athens, Monday, July 13, 2015. A Eurozone summit has reached a tentative agreement with Athens on a bailout program that includes “serious reforms” and aid, removing an immediate threat of financial collapse in Greece. (AP Photo/Petros Giannakouris)
A bank employee distributes tag queue positions to elderly people to enter into the bank to withdraw a maximum of 120 euros ($134) for the week in central Athens, Monday, July 13, 2015. A Eurozone summit has reached a tentative agreement with Athens on a bailout program that includes “serious reforms” and aid, removing an immediate threat of financial collapse in Greece. (AP Photo/Emilio Morenatti)
Pensioners wait outside the main gate of the national bank of Greece to withdraw a maximum of 120 euros ($134) in central Athens, Thursday, July 9, 2015. With a deadline just hours away to come up with a detailed economic reform plan, Greece requested a new three-year rescue from its European partners Wednesday as signs grew its economy was sliding toward free-fall without an urgently needed bailout. (AP Photo/Emilio Morenatti)
A man passes in front of "NO" referendum posters in central Athens, Sunday, July 12, 2015. Greece has another chance Sunday to convince skeptical European creditors that it can be trusted to enact wide-ranging economic reforms which would safeguard its future in the common euro currency. (AP Photo/Petros Karadjias)
A presidential guard, right, stands guard at the tomb of the unknown soldier as riot police officers guard one of the entrances to the parliament during a demonstration of supporters of the no vote in central Athens, Sunday, July 12, 2015. Greece has another chance Sunday to convince skeptical European creditors that it can be trusted to enact wide-ranging economic reforms which would safeguard its future in the common euro currency. (AP Photo/Emilio Morenatti)
A man holds a tag queue position as he waits next to others pensioners outside the main gate of the national bank of Greece to withdraw a maximum of 120 euros ($134) in central Athens, Friday, July 10, 2015. Greece's Prime Minister Alexis Tsipras will seek backing for a harsh new austerity package from his party Friday to keep his country in the euro — less than a week after urging Greeks to reject milder cuts in a referendum. (AP Photo/Emilio Morenatti)
A pro-Euro demonstrator is seen behind a European Union flag during a rally in the northern Greek port city of Thessaloniki, Thursday, July 9, 2015. Hopes that Greece can get a rescue deal that will prevent a catastrophic exit from the euro rose on Thursday, after key creditors said they were open to discussing how to ease the country's debt load, a long-time sticking point in their talks. (AP Photo/Giannis Papanikos)
Pensioners wait outside the main gate of the national bank of Greece to withdraw a maximum of 120 euros ($134) in central Athens, Thursday, July 9, 2015. With a deadline just hours away to come up with a detailed economic reform plan, Greece requested a new three-year rescue from its European partners Wednesday as signs grew its economy was sliding toward free-fall without an urgently needed bailout. (AP Photo/Emilio Morenatti)
A pensioner leans against the main gate of the national bank of Greece as he waits to withdraw a maximum of 120 euros ($134) for the week in Athens in central Athens, Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras heads Tuesday to Brussels, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. (AP Photo/Emilio Morenatti)
Greek soldiers leave the ancient Acropolis hill, after they raised the Greek flag, in Athens, on Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras was heading Tuesday to Brussels for an emergency meeting of euro zone leaders, where he will try to use a resounding referendum victory to eke out concessions from European creditors over a bailout for the crisis-ridden country. (AP Photo/Petros Giannakouris)
In this photo taken on Saturday, July 11, 2015, Mary Cromba, left, owner of a beachside restaurant is seen with her employees, as she prepares to add paper in the cashier machine in the village of Psatha about 65km (40 miles) west of Athens. The meal sales tax clause in the bailout proposal considered Sunday by European leaders would boost it from 13 percent to 23 percent, while hotels would see room sales taxes rise from 6.5 percent to 13 percent. (AP Photo/Spyros Tsakiris)
A butcher makes calculations inside his shop in central Athens, Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras heads Tuesday to Brussels, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. (AP Photo/Emilio Morenatti)
Pensioners wait outside the main gate of the national bank of Greece to withdraw a maximum of 120 euros ($134) in central Athens, Thursday, July 9, 2015. With a deadline just hours away to come up with a detailed economic reform plan, Greece requested a new three-year rescue from its European partners Wednesday as signs grew its economy was sliding toward free-fall without an urgently needed bailout. (AP Photo/Emilio Morenatti)
A man stands-in front of a discount shop that reads in Greek " you give a little you take a lot" in Athens, on Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras was heading Tuesday to Brussels for an emergency meeting of eurozone leaders, where he will try to use a resounding referendum victory to eke out concessions from European creditors over a bailout for the crisis-ridden country. (AP Photo/Petros Giannakouris)
A man sells items in central Athens, Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras heads Tuesday to Brussels, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. (AP Photo/Emilio Morenatti)
A woman pays at a market in central Athens, Tuesday, July 7, 2015. Greek Prime Minister Alexis Tsipras heads Tuesday to Brussels, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. (AP Photo/Emilio Morenatti)
Red spray paint covers a French-language Bank of Greece sign to read 'Bank of Merkel' in reference to German Chancellor Angela Merkel in Athens, Monday, July 6, 2015. Greek Finance Minister Yanis Varoufakis resigned Monday, saying he was told shortly after Greece's decisive referendum result that some other eurozone finance ministers and the country's other creditors would appreciate his not attending the ministers' meetings. (AP Photo/Thanassis Stavrakis)
A homeless sleeps at the entrance of a closed store with posters reading ''No'' in central Athens, Monday, July 6, 2015. Greece’s Finance Minister Yanis Varoufakis has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
Homeless sleep on the ground in central Athens, Monday, July 6, 2015. Greece’s finance minister has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
Needy people pray before eating at the Church-run Galini charity's soup kitchen in central Athens on Monday, July 6, 2015. Greece’s finance minister has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
A construction worker carries a wooden plank near a board with the Greek flag that reads in Portuguese: "I love you Greece, because of the courage against the imperialism!", in Lisbon, Monday, July 6, 2015. Greece's Finance Minister Yanis Varoufakis has resigned following Sunday's referendum in which the majority of voters said "no" to more austerity measures in exchange for another financial bailout. The board also reads in Greek: "No", in reference to Sunday's referendum. (AP Photo/Francisco Seco)
Needy people eat at the Church-run Galini charity's soup kitchen in central Athens on Monday, July 6, 2015. Greece’s finance minister has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
A pensioner holds a tag queue position as he lines up before entering into a bank to withdraw a maximum of 120 euros ($134) for the week in Athens, Monday, July 6, 2015. Greece’s Finance Minister Yanis Varoufakis has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
A bank employee distributes tag queue positions to elderly people to enter into the bank to withdraw a maximum of 120 euros ($134) for the week in Athens, Monday, July 6, 2015. Greece’s Finance Minister Yanis Varoufakis has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
People wait to enter into the national bank of Greece in Athens, Monday, July 6, 2015. Greece’s finance minister has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
A bank employee speaks to elderly people before allowing them to enter into the bank to withdraw a maximum of 120 euros ($134) for the week in Athens, Monday, July 6, 2015. Greece’s Finance Minister Yanis Varoufakis has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
Elderly people argue with a bank worker as they wait to be allowed into the bank to withdraw a maximum of 120 euros ($134) for the week in Athens, Monday, July 6, 2015. Greece’s Finance Minister Yanis Varoufakis has resigned following Sunday’s referendum in which the majority of voters said “no” to more austerity measures in exchange for another financial bailout. (AP Photo/Emilio Morenatti)
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1:35 p.m.

Austrian Chancellor Werner Faymann says he sees a chance of an agreement with Greece after the country submitted reform proposals to creditors.

Faymann said in a statement that "constructive forces must now be stronger that those who don't want a solution under any circumstances."

He didn't specify who exactly he meant.

Faymann says it must not be forgotten that the crisis in Greece is affecting its poorest people - "so it is our obligation to use this last opportunity constructively."

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1:30 p.m.

European Commission spokesman Margaritis Schinas says four of the key players in the Greek debt crisis will hold a conference call later to discuss the reform proposals sent by Athens late Thursday.

Schinas says the 1100 GMT (2 p.m. Athens time) call will involve eurozone's top official, Jeroen Dijsselbloem, European Commission President Jean-Claude Juncker, European Central Bank President Mario Draghi and International Monetary Fund chief Christine Lagarde.

The call at comes as representatives from the Commission, IMF and ECB all assessing Greece's proposals.

Schinas, speaking at a briefing in Brussels, would not give any early assessment of the Greek reform plans.

He says the institutions will likely send their assessments to the eurogroup later Friday. Eurogroup finance ministers are scheduled to meet Saturday in Brussels to discuss the plans.

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1:15 p.m.

The German government isn't giving an immediate verdict on the list of reform measures submitted by Greece, saying that it will wait for the assessment of the country's formal creditors.

Chancellor Angela Merkel's spokesman, Steffen Seibert, said he "cannot yet evaluate these new Greek proposals in terms of substance." He said Berlin will wait for the European Commission, the European Central Bank and International Monetary Fund to deliver their verdict.

Seibert says Merkel will be accompanied to a special European Union summit on Sunday by Finance Minister Wolfgang Schaeuble. If there is an agreement, the government will have to get a mandate from the German Parliament to open full-fledged negotiations with Greece.

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1:05 p.m.

The eurozone's top official doesn't appear to be ready to share his view on Greece's reform proposals.

Jeroen Dijsselbloem, who is also the Dutch finance minister, conceded that the proposals sent to creditors late Thursday were "extensive" but that they had to be assessed in terms of their viability.

Dijsselbloem says representatives from the European Commission, European Central Bank and International Monetary Fund "will do the math and see if it adds up, if it's right."

Dijsselbloem and his peers in the 19-country eurozone, including Greek Finance Minister Euclid Tsakalotos meet Saturday to discuss the proposals.

"Whichever way we go, we have to take a very far-reaching decision tomorrow, so let's do it carefully," he said.

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12:40 p.m.

A European Union official says the eurozone's 19 leaders may scrap a scheduled meeting on Sunday if finance ministers give their blessing to Greek proposals for bailout cash.

The finance ministers meet Saturday in Brussels and there are growing expectations that they will reach agreement with Greece over a 3-year cash-for-reforms deal.

"We're in a quite hurried procedure," said the EU official, who was briefing reporters at the bloc's headquarters on condition he was not identified.

Greece has requested a third bailout of 53.5 billion euros ($59 billion) and caved in to a large chunk of creditor demands for a new round of austerity measures. In return, it hopes to get meaningful debt relief from creditors.

The proposals are currently being assessed by representatives from the European Commission, European Central Bank and International Monetary Fund.

It was not immediately clear whether Sunday's summit of the European Union's 28 leaders would also be scrapped in the event of a deal.

- - By John-Thor Dahlburg in Brussels.

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12:05 p.m.

French President Francois Hollande says the Greek proposals are "serious and credible" but stressed that nothing is final yet.

Hollande told reporters in Paris that the Greeks have "just shown a determination to want to stay in the eurozone, because the program that they are presenting is serious and credible."

He also said the fact the government is submitting its proposals to Parliaments shows "power, commitment and I would also say, courage."

Discussions, he added, must "now begin, must resume, but with the will to reach a conclusion."

France's Socialist government has been among the Greek government's few allies in the eurozone as it struggled for months to negotiate a bailout deal.

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10:35 a.m.

European stock markets have responded positively to the reform proposals that the Greek government sent overnight to creditors.

In early trading, the Stoxx 50 index of leading European shares was up 2.3 percent while Germany's DAX rose 2.1 percent.

Greece has requested a third bailout of 53.5 billion euros ($59 billion) and seemingly caved in to a large chunk of creditor demands for a new round of austerity measures. In return, it hopes to get meaningful debt relief from creditors.

"With a number of institutions now agreeing in principle that Greece needs debt relief, proposals offered by Athens suggest a willingness to meet in the middle by giving in on a number of creditor demands for reforms," said Jasper Lawler, market analyst at CMC Markets. "It's the closest a deal for Greece has been in five months."

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10:25 a.m.

Greek Prime Minister Alexis Tsipras is convening his Syriza party lawmakers to discuss the reform proposals his government sent to creditors late Thursday night in an effort to reach a deal on a third bailout.

The meeting comes before a parliamentary session where, in an unusual move, the country's 300 lawmakers will be asked to authorize Tsipras and his negotiators to use the proposals as the basis for negotiations with Greece's international creditors.

Greece has requested a third bailout of 53.5 billion euros ($59 billion) and caved in to a large chunk of creditor demands for a new round of austerity measures.

In return, it hopes to get meaningful debt relief from creditors.

Hopes have grown that Greece can secure a rescue deal at a meeting of European Union leaders on Sunday in Brussels that would prevent the country's exit from the euro.

Greek Business Prospects Crumble

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