Experts tell CNBC that regardless of a deal, investors should not be basing decisions on the tiny Mediterranean island.
"We're talking about GDP less than half of the state of Idaho... It's not a huge economy, and I think its important for investors to keep that in context when you're making big picture investments with your money," said Joe Mayger of financial services company Motley Fool.
Japan's Nikkei recouped most of Friday's losses with retailers leading gains. Takashimaya soared 7.5 percent, Marui Group surged 5.8 percent and JFR added 5.2 percent. The rally comes as Japan and the European Union are set to discuss a free-trade deal this week.
In Sydney, shares pared gains after hitting an earlier one-week high of 5,023 points. This marks the fourth straight session that the index has been unable to close above the 5,000-mark.
Construction giant Leighton Holdings rebounded 4.3 percent after appointing board member Bob Humpris as its new chairman. Shares dived 7 percent on Friday on news of the resignation of former chairman Stephen Jones.
Westfield shares rallied 1.6 percent after the mall operator announced a joint-venture with O'Connor Capital Partners on Florida mall assets worth $1.3 billion.
Blue chips helped Seoul's Kospi rebound over 1 percent from Friday's five-week low. Market heavyweight Samsung Electronics jumped 2.7 percent while LG Electronics added 2.2 percent.
The benchmark closed just 5 points shy of a one-week high at 1,981 points, hit earlier in the session.