Numero Crunchero
I do have another take on this point, not sure about how true it may be as it involves some assumptions.
I was thinking about comparing the costs of leasing/financing a 777 that is just sitting, and the costs of paying the salaries of the respective crew compliment who are also just sitting. The assumption is that the costs would be very similar, or simlar enough that considering aircraft can always just be purchased back as they would just be sitting (assumption), and can be returned at a faster rate compared to hiring and training crew (assumption), added with the fact that dismissed crew/ new hires can decide to not join when the company demand picks up (they probably know their package is not as attractive as before), it may be the easier and more predictable route to cut aircraft rather than crew.