Crewing Doctor
As somebody who has never worked for European I can see your points very clearly. 747 crews are large and positioning costs are also large. Unfortunately European were forced to employ the type of "elite" aircrew who demanded business class travel which no doubt pushed the debt up nicely. Mismanagement also helped and probably a bit of dodgy dealing. These things always have more than one cause. I read earlier about corner cutting with technical problems. If this was so widespread why so many (and long) tech delays?
Fact - all airlines use a sharp pencil if they need to, some more than others.
Fact - if you can find a way to operate with a tech problem (legally) when to fix it means a long delay, passenger welfare, knock-on effects etc most airlines will choose to operate. Simple economics and of course bad publicity not to.
Fact - CVAs exist so somebody must use them and presumably benefit from them. If this one works 100+ people currently still employed will benefit and maybe more later as more staff are taken on. Surely better to have a company operating than not.
Must have a word with the job centre and reserve basil his nice elite place at the front of the queue, looks like he deserves it.