Oh, perleese... The last thing I want to do is be a member of Leo's fan-club, but someone has to keep bringing this thread back to reality. RY has one of the stronger balance sheets in the industry, the very lowest unit costs in the EU, the very lowest B738 prices from Boeing in the world, and, if people are buying the product on low-price alone, a large segment of society just about to trade down to the cheapest product, just like in the high street today (see the good performance of the LIDLs of this world). On hedging, EZ's runs out at the end of Sept, BA has some, but its price is sharply higher than the average price its just been paying, and if you think that Flybe as an indebted independent is going to outlast RY in this recession then I give up. RY grounded aircraft last winter because it is an aggressive management that cares only about profit - it's grounding more this winter again to keep winter losses on sun routes under control (and to tell the BAA to cut STN winter charges). And guess what? Now EZ and BA are about to cut winter capacity to keep winter losses on sun routes under control..... What should Jet2, bmibaby, sterling, air berlin etc be doing now? The same. I'm afraid there's very tough times coming, but one would be wrong to hope that RY is early in the list of industry exits.