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EU: Greek voters set to usher in economic apocalypse

070415 Greece referendum rk pic
Supporters of the 'Yes' campaign attend a rally and listen to speeches at the Olympic Stadium in preparation for Sunday's referendum on July 3, 2015 in Athens, Greece. The 'Yes' and 'No' supporters in Greece are holding major rallies in Athens today ahead of Sunday's referendum on an international bailout terms. (Photo by Christopher Furlong/Getty Images)

Greek voters will head to the polls Sunday to make a pivotal decision on whether to accept new austerity measures in exchange for more debt relief.

The stakes are high for Greece as a no-vote could send the country into more turmoil, European officials warn. A no vote would usher in an economic apocalypse implied the president of the European Parliament, Martin Schulz.

"Without new money, salaries won't be paid, the health system will stop functioning, the power network and public transport will break down, and they won't be able to import vital goods because nobody can pay," Schulz told the Daily Telegraph Saturday. Greece's medical system could collapse, experience power blackouts and other dire consequences, Schultz said in an attempt to get Greek voters to agree to the new measures.

The rhetoric is part of an alarmist tone European officials have taken as Greece decides whether to accept the bailout package and new austerity measures.

If Greeks vote yes then a third bailout package for the country would be put together soon after, according to Bloomberg.

However, if the country votes no then it is unclear what the consequences would be. Bloomberg reports that Greece wouldn't leave the Eurozone overnight.

Greek Finance Minister Yanis Varoufakis said that the Eurozone is trying to terrify voters, according to the Telegraph.

Opinion polls released on Friday put the yes and no camps at an even split, according to a report from BBC.

Greece has already missed a loan payment to the International Monetary Fund and banks have been closed and residents have been forced to only withdraw small amounts from ATMs.

President Obama has downplayed the turmoil in the country and whether it will have any lasting repercussions for American markets.

"This is not something that we believe will have a major shock," he said during a press conference on Tuesday.