The Greek parliament voted Sunday in favor of the request from Prime Minister Alexis Tsipras' government for a referendum on the terms of an international bailout deal that will soon expire.

Greeks will vote in the referendum July 5. Tsipras said "the people must decide free of any blackmail."

French Prime Minister Manuel Valls warned Sunday there is a "real risk" of Greece leaving the eurozone if Greek voters say "no" to the bailout proposals in the upcoming referendum.

Valls, however, refused to denounce the Greek government's decision to hold the referendum. "When you ask the people to decide, to exercise their democratic right, this should not be criticized." he said.

Valls said he continues to believe "that a deal is possible" and he invited the Greek government "to return to the negotiating table."

Greece needs an $8 billion installment of an EU economic bailout to repay nearly $2 billion in loans to the International Monetary Fund by next Tuesday.

Greece hurtled closer to a euro exit Saturday when Europe refused to extend the bailout program.

Greek authorities Friday unilaterally ended negotiations to extend the financial assistance set to expire June 30 and called for a referendum on the proposed reforms needed to get the loans.

Eurozone chief Jeroen Dijsselbloem said ending talks "is a sad decision for Greece."

Eurogroup members, minus Greece, said in a joint statement Saturday that "euro area authorities stand ready to do whatever is necessary to ensure financial stability of the euro area."

The European Central Bank meets Sunday amid fears Greece's banks will be unable to open on Monday, while Germany said the eurozone would do "everything" to protect contagion through the single currency.

Across the country, massive lines have gown at ATMS as people tried to get cash out, fearing that banks would not open on Monday and that the government could impose withdrawal limits to keep deposits in the country.