The Latest: Greece's Ex-Finance Chief Backs Latest Debt Deal

The latest from Greece's financial crisis (all times local):

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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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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.

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