The Greek lawmakers voted Sunday in favor of Prime Minister Alexis Tsipras' bailout referendum.
The 300-seat parliament approved Tsipras' motion, with at least 179 members voting in favor, according to BBC News. Greeks will vote on the terms of a bailout deal put forward by foreign creditors on July 5.
Tsipras said in a speech before the vote that he was confident that the Greeks would vote "no" to the ultimatum by the creditors, Sky News reported.
"The creditors have not sought our approval but have asked for us to abandon our dignity. We must refuse," he said.
Austria's finance minister Hans Jorg Schelling said Greece's exit from the Euro, known as Grexit, looks almost inevitable. "The consequences for the euro countries are not nearly as bad as for Greece. It's clear that one country can under no circumstances blackmail the European Commission and the euro countries," Schelling said.
The European Central Bank (ECB) is holding an emergency meeting on Sunday on whether to continue emergency liquidity assistance to Greek banks after the June 30 deadline, the Associated Press reported. Greek banks will run out of cash if the ECB decides not to increase the emergency liquidity. The ECB, International Monetary Fund (IMF) and European Commission are three of Greece's creditors.
IMF chief Christine Lagarde also said the organization won't provide further assistance if the Greeks default payment due to IMF on Tuesday, according to Bloomberg. Greece needs to make a repayment of a $1.73 billion of loans to the International Monetory Fund (IMF) on Tuesday, June 30.
The Eurozone finance ministers, collectively referred to as the Eurogroup, refused to extend Greece's bailout beyond Tuesday, having blamed the Greek government's surprise call for a referendum on the bailout terms.
"Regrettably, despite efforts at all levels and full support of the Eurogroup, this proposal has been rejected by the Greek authorities who broke off the programme negotiations late on the 26 June unilaterally," the Eurogroup said in a statement released on Saturday.
