The Party of European Socialists (PES) Leaders from the Eurozone have today discussed and agreed an alternative plan for recovery for the members of the troubled euro currency.

The PES Leaders have released a statement entitled; “A Eurozone based on democratically accountable economic policy”, which outlines both the practical steps necessary for recovery, and an increasing level of frustration at the Conservative majority’s inability to formulate an effective response.

The phone conference meeting, was attended by, among others, Greek Prime Minister George Papandreou and opposition leaders such as Martine Aubry(France), European Parliament S&D Group Leader Martin Schulz (Germany) and Job Cohen (Netherlands). The meeting was also attended by new Finnish Foreign Minister Erkki Tuomioja and new Irish Foreign Minister and Deputy Prime MinisterEamon Gilmore.

PES President, Poul Nyrup Rasmussen thanked those who attended the meeting at such short notice. He commented that; “Our progressive statement, agreed today, shows the main distinction between us and the Conservatives. That is that not only can we agree a coherent plan, but that from north to south, from creditor country to country under speculative attack, our PES Parties realise that the only way out of this crisis is through decisive, collective action”.

George Papandreou welcomed the PES initiative stating that; “the European Union has great economic potential but under conservative leadership there is a lack of political will to turn it into policies”.

Mr. Rasmussen noted that this contrasted with the continued squabbling by Conservative leaders ahead of next Thursday’s emergency Eurozone meeting.

The statement notes that; “If we fail, once more, to tame the market, Europe is at risk of falling back into recession and of losing its sovereignty in the process”, and reiterated that; “It is time for Governments of Eurozone Member States to collectively reassert their primacy over Financial Markets”.

The PES leaders based their statement on the pre-European Council declaration “From Economic Chaos to Economic Governance”.