The long-running Greek drama is nearing a potentially catastrophic denouement, likely hijacking the market's attention away from economic pulse checks on China and Japan this week.
Greece's Prime Minister Alexis Tsipras submitted a new reforms package Sunday, offering the potential for a last minute deal to break the logjam in talks with the country's international creditors. Greece desperately needs more aid before it runs out of cash and potentially defaults on loans to creditors.
Euro zone leaders are set to hold an emergency summit on Monday to "urgently discuss the situation of Greece at the highest political level" after Thursday's meeting yielded no progress, with both sides refusing to compromise over what reforms Greece should make in exchange for more aid. The emergency summit comes just eight days before Athens needs to make a crucial 1.6 billion euro ($1.8 billion) payment to the International Monetary Fund (IMF) to avoid a possible default.
But after months of talks, it isn't clear that one last emergency meeting will make much progress and Greece may start feeling the effects on Monday.
The European Central Bank told a meeting of euro zone finance ministers on Thursday that it was not sure if Greek banks would be able to open Monday, Reuters reported. Around 2 billion euros flowed out over Monday to Wednesday last week, or around 1.5 percent of the deposits the country's banks held, Reuters reported, citing unnamed banking sources.
In Asia, a health check on China will come on Tuesday, when the Markit China flash purchasing managers index (PMI) will be released; the data set were previously called the HSBC PMI.
A slew of recent data from the mainland has disappointed expectations but some analysts believe the worst of the slowdown may be over.
In the first quarter, China's economic growth slowed to 7.0 percent, its slowest in six years, spurring a round of easing measures from the People's Bank of China (PBOC), including three interest rate cuts over the past six months and two rounds of reserve requirement ratio (RRR) cuts. Analysts believe further stimulus measures may be on the cards.
On Wednesday, the Bank of Japan (BOJ) will release the minutes of its May 21 meeting, at which it kept its monetary stimulus program intact and revised its assessment of the economy higher. The previous set of minutes indicated the committee was concerned the central bank's 2 percent inflation goal would be difficult to hit.