As the results of the stress tests of European banks, which revealed just seven out of 91 had failed, were issued late Friday in Europe, this was the first chance for Asian markets to assess the fall-out.

European authorities had however decided not to subject the banks to the test of seeing what would happen to them in the event of a debt default by Greece, a move that was widely criticised given that such an event is within the realm of possibility.

Meanwhile on Monday (26 July), officials from the EU, IMF and European Central Bank arrive in Athens to investigate the implementation of the governing centre-left Pasok's austerity measures before a second, €9 billion tranche of eurozone-IMF bail-out agreed in May can be disbursed.

Initial indications from the so-called troika, as the trio of fiscal overseers is referred to in Greece, have been approving.

On the weekend, finance minister George Papaconstantinou said he expected no delays to delivery of the second tranche in September as the government had gone further than what was required with its harsh pension cuts.

However, an IMF report from earlier this month noted concerns over budget gaps in public healthcare, social security, public transport and municipal governments - the very core of Greece's welfare system, already one of the weakest in western Europe.

The fund suggested that Athens ratchet up its programme of privatisation and focus on setting loose government corporations. Railways and bus firms are potential targets, while the troika will also likely push for liberalisation of certain trades, including architects, notaries and lorry-drivers, according to media reports.

Brussels for its part wants to see a quick and tidy deregulation of the energy sector, in line with existing EU legislation.

However, eyes will also be on the country's labour movement and widespread popular resistance to the cuts. Already imposed austerity measures have produced a series of general strikes and a riot that cost the lives of three bank workers.