And for the long term prognosis, at the international flight safety convention in Shanghai last week, the deputy director of aviation for the People's Republic of China mentioned thet the PRC has 800 western built jets on it's register now, but in 6 years time there will be 1800. This will lead to a shortfall of about 8000 pilots. Local training will not meet this shortfall. Some Asian operators (Hainan Airlines for example) are already recruiting westerners on good packages. This recruitment will only expand and the packages will get better.
This backs up a recent comment in Flight magazine that the main limit to the expansion of Asian carriers will be a pilot shortage. One low cost carrier has been forced to run a cadet scheme.
Even if the European markets do not pick up, there will be a big draw of pilots to Asia. With a bit of luck we will soon see an end to the self funded type ratings that MOL and others have devalued our profession with.