G8 Meeting Opens in France

World leaders gather in the seaside town of Deauville in France for the latest G8 meeting.              

Leaders from the so-called Group of Eight leading world economies were given a rousing welcome by France's  President Sarkozy and a crowd of enthusiastic onlookers - although it was clear who was most popular with the public. 

As France's first lady Carla Bruni Sarkozy welcomed some of the spouses - leaders sat down for the first of their meetings. 

On the agenda: a multi-billion dollar aid package for Tunisia and Egypt after Arab Spring uprisings deposed their autocratic leaders.

Also whether to back others in the region who want democracy.

Europe's financial meltdown will also come under scrutiny - but it won't just be money that's up for discussion according to National Australian Bank's Nick Parson.

[Nick Parson, National Australian Bank Group]:

"There's a very long list of concerns for G8 to address and we have to bear in mind it's not just a finance ministers' meeting it's a leaders' meeting and so in that context they will be looking at a wide range of political developments as well as sharing their concerns about the developments of the global economy." 

Early on in the session U.S. President Barack Obama and his Russian counterpart Dmitry Medvedev agreed that Russia's accession to the World Trade Organization would be hugely significant.

[Barack Obama, U.S. President]:               

"I think that Russian accession to the WTO would be good for the Russian economy, would be good for the U.S. economy, would be good for the world economies and we are confident that we can get this done." 

President Sarkozy officially opened the summit.

But not everyone was as enthusiastic - in Paris anti-G8 protesters staged a demonstration against the world's economic system which they say leaves too many people vulnerable to poverty and deprivation.