The two-day annual G8 Summit kicked off on Friday night at Camp David with an informal dinner hosted by President Barrack Obama. Saturday's talks on the economy and politics will be crucial for not only the eurozone and the US but also for the whole world.
Here are top 10 issues which are bound to come up at the talks:
The eurozone crisis is right on top. Even before the actual meet, Obama hinted at nudging leaders for European reforms saying, "[Tackling eurozone crisis] is an issue of extraordinary importance, not only to the people of Europe, but also to the world economy. We are looking forward to a fruitful discussion later this evening and tomorrow with the other G8 leaders about how we can manage a responsible approach to fiscal consolidation that is coupled with a strong growth agenda," Obama said minutes before the meeting reported Reuters.
The political turmoil in Greece is having a huge bearing on the eurozone and the world economy. As the country heads towards fresh elections on 17 June, its exit from the single currency bloc is haunting world leaders.
As emergency measures are under way behind the stage if the country is expelled, the contagious effect of it will be felt in countries like Spain and Italy which needs to be addressed. This is another issue that is expected to figure at the talks.
Fear of Spain being the next European nation to collapse is catching up slowly. On Friday morning before the G8 summit, credit rating agency Moody's downgraded 16 Spanish banks including two of the country's biggest lenders, the Banco Santander and Banco Bilbao Vizcaya Argentaria.
Political Instability in Syria
More than a year-long bloodshed in Syria has been a cause of concern for world leaders for a long time. The Syrian violence has claimed more than 12,000 lives. UN Chief Ban Ki Moon recently said there might be links between the terrorist group al-Qaida and the hostility taking place in the country.
The pullout of troops in 2014 is bound to be the main agenda for the Nato summit on Sunday, but Prime Minister David Cameron promised to raise the issue in G8 itself.
Iran's Nuclear Programme
Although the issue seems to have been pushed to the backburner for a few weeks, Iran's nuclear programme will be on the table during the talks as it worries many countries especially the US. Talks among other nuclear armed countries and Iran are to take place in Baghdad later this month.
Rising global oil prices are also a key issue in the G8 summit as the US president is expected to ask for support in releasing strategic oil reserves.
Aid to Developing Nations
David Cameron is expected to urge developed nations to make new commitments towards aiding poor countries.
Climate Talks by Russia
Russia will bring the issue of climate talks at the summit, said the country's Prime Minister Dmitry Medvedev who is being sent by the re-elected president Vladimir Putin. According to Russia's RIA Novosti report, Medvedev is keen to push for finalising a global agreement on emission of greenhouse gases.
Some trade proposals are also expected to be discussed. Japanese Prime Minister Yoshihiko Noda will be holding talks with the new French President Francois Hollande and fresh trade relations between the countries are likely to emerge.
Countries and their representatives in the G8 summit
United States - President Barrack Obama
United Kingdom - Prime Minister David Cameron
France - New President Francois Hollande
Germany - Chancellor Angela Merkel
Russia - Prime Minister Dmitry Medvedev
Japan - Prime Minister Yoshihiko Noda
Canada - Prime Minister Stephen Harper
Italy - Prime Minister Mario Monti