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.

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.

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.

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."