Bill Clinton -- SURROUNDED By Porn Stars in Monaco

Bill Clinton just out-Clinton'd himself -- posing with two famous porn stars in Monaco moments ago ... and one of them's a real up-and-comer.

Clinton's in a Monte Carlo casino right now for a special "Nights in Monaco" gala event -- and several celebrities are in attendance ... including Diane Kruger, Joshua Jackson ... and a BUNCH OF PORN STARS.

The two porn stars on Bill's arms are Tasha Reign (left) and Brooklyn Lee -- AVN's "Best New Starlet" in porn.

Brooklyn -- who just posted the pic on her Twitter account -- also just won the award for "Best Sex Scene" in "Mission Asspossible." As for Tasha's film credits ... those include "Baby Got Boobs 8" and "Farm Girls Gone Bad."

Our guess -- Bill did not have sexual relations with these women.