First of all Basil, I thought airlines were in the business of flying punters from A to B, whether it be by a low or full cost airline. It is the punter who chooses how he/she wants to get there and how much they want to pay. Choice must be a good thing. Remember, low cost airlines still employ just as many pilots and cabin crew as the others.
Secondly Guv, as easyJet is a British PLC I don't see any reason for there being a bar against flying outside the EU. After all Rod is the CEO of a British PLC and he's not even European, whereas Stelios is!!