Greece parliament approves referendum as banks near collapse

Greece's parliament voted early Sunday to approve Prime Minister Alexis Tsipras' proposed July 5 referendum on whether the nation should accept the most recent bailout deal proposal from creditors, The New York Times reports.

The vote will come days after Greece's June 30 deadline for repaying a $1.8 billion debt to the International Monetary Fund and the expiration of the bailout program. Eurozone finance ministers rejected Greece's request for a one-month program extension.

With a deal by Tuesday looking less likely, the country's banks appear on the verge of collapsing. Many residents have been withdrawing their savings this weekend in preparation.

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