Greece's parliament has voted in favor of Prime Minister Alexis Tsipras' motion to hold a referendum on the country's creditor proposals for reforms in exchange for loans. Tsipras and his coalition government have urged people to vote against the deal, throwing into question the country's financial future.
The vote is to be held next Sunday, July 5. It has raised the question of whether Greece can remain in Europe's joint currency, the euro. Many Greeks alarmed by the announcement for the referendum early Saturday morning formed queues at ATM machines, putting a further strain on banking deposits.
Greek Prime Minister Alexis Tsipras has once more urged Greeks to vote against creditor proposals for reforms in exchange for loans in a referendum he has called for next week.
Parliament is now to vote on his motion for a referendum to be held. It is expected to pass, as his coalition government holds a majority of 162 seats in the 300-member parliament.
Speaking in parliament, Tsipras said the reforms proposed by Greece's creditor institutions — the International Monetary Fund, European Central Bank and European Commission, were an ultimatum and an insult.
"We exhausted every limit of concessions so there could be an agreement," Tsipras said. "Perhaps some saw that as a weakness."
He said the Greek people would vote against a deal on June 5.
"This no will also be a big yes, a big yes to the decision of the Greek government to reject an ultimatum that insults the Greek people."
Greece's main opposition New Democracy party has returned to parliament and the session has resumed to discuss the prime minister's call for a referendum on reform proposals suggested by the country's international creditors.
The Greek parliament is to vote on whether to accept Prime Minister Alexis Tsipras' call for a referendum on June 5. The proposal is expected to pass as the coalition government of Tsipras' radical left Syriza party and a small nationalist party holds 162 seats.
