Greek Prime Minister Alexis Tsipras said his election pledge to end austerity by restructuring Greece's debt was "irrevocable" in his inaugural speech in parliament late Sunday.
Greek bonds sold off following the speech, with the short-end of the market hit hardest. Greek two-year bonds soared to yield 20.7 percent, while five-year and 10-year yields climbed to trade around 16 percent and 11 percent respectively.
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Last week's strong jobs report has also made investors jittery as the improvements in the labor market could increase potential for an early interest rate hike from the U.S. Federal Reserve.
The U.S. economy added a better-than-expected 257,000 jobs in January, according to data from the Bureau of Labor Statistics Friday.
The consensus forecast for nonfarm payrolls in January is 230,000, while the unemployment rate is expected to remain unchanged at 5.6 percent.
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The coming week should be a less eventful one for economic data, with no major releases due Monday. Major data expected later in the week includes January's retail sales figures, due on Thursday.