Northwest cutting staff by 2,500 or around 8%. Attempting to achieve the cuts through natural attrition and possibly some redundancies. Parking up aircraft as well as most of the US carriers. No figures given as to how many pilots will be affected.
Now if I was a US airline pilot I would be heading east and either finding a partner with a EU passport or a helpful EASA member state that rubber stamps FAA licences and gives working extensions.
With the strength of the Euro I can see Europe being an attractive hunting ground for our US cousins and if I was an employer I would be rubbing my hands together.