A look at economic developments around the globe (AP)

A look at economic developments and activity in major stock markets around the world Monday:

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PARIS — French banks are ready to help troubled Greece by accepting a significant debt rollover, President Nicolas Sarkozy said, a move that could push other banks to pitch in to the Europe-wide effort to keep Athens from defaulting.

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ATHENS, Greece — Greece wants to conclude negotiations for a second bailout by the end of the summer "at the latest," the country's new finance minister said at the start of a parliamentary debate on unpopular but crucial austerity measures.

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LONDON — Stocks and the euro rose on cautious optimism that Greece's Parliament will vote through an austerity plan and expectations that French banks will roll over their share of the country's debt.

The FTSE 100 index of leading British shares closed up 0.4 percent while France's CAC-40 rose 0.3 percent. Germany's DAX, however, slipped 0.2 percent.

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TOKYO — In Asia, Japan's Nikkei 225 fell 1 percent, while South Korea's Kospi lost 1 percent.

Hong Kong's Hang Seng fell 0.6 percent, but shares in the mainland rose. China's Shanghai Composite Index gained 0.4 percent while the smaller Shenzhen Composite Index added 1.1 percent.

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BEIJING — China's local governments have piled up debts of $1.6 trillion, the national audit agency announced amid mounting concern Chinese banks might be hurt if borrowers cannot repay loans.

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MADRID — Spain's lower house of parliament has approved a government bill that aims to raise the retirement age from 65 to 67.

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ROME — Italy has raised 10.5 billion euros ($14.9 billion) in a bond sale, in which demand was healthy but a premium was demanded for the debt that reflects pressure on the eurozone amid the Greek crisis.

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LISBON, Portugal — The leader of Portugal's largest trade union confederation is urging workers to protest against planned labor law changes tied to a 78 billion euro ($111 billion) bailout.

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REYKJAVIK, Iceland — Iceland is beginning formal accession talks with the European Union, following several months of preparation by both sides.

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SINGAPORE — Singapore and Malaysia have agreed to open a rapid transit rail service by 2018 to connect the city-state with the southern Malaysian city of Johor Bahru.

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WASHINGTON — Top U.S. and Indian officials are discussing economic cooperation and financial sector reforms that could promote American investment in the fast-growing Asian country.

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