Thank you for all the responses (except atpclif) I decided to convert my license but I am doing it with out going into debt since it may take a while before I get that first job. I realize that the job market in Europe is scarce at moment but once the upturn is upon us I hope be ready for it. I am not expecting a "glamorous" lifestyle but I assume that living a middle class life style is possible. For the most part I really want to move back to the old continent and even if the pay was the same at least I would live where I feel at home.
On another note, do you think that the profession in Europe will continue spiraling downward? I was under the impression that pilots in Europe have more tools to prevet the managment from taking their bread. You can legaly strike and barriers to entry are higher than those in the USA. What do you think? Is it still a better career than the "office" job or am I just clinging to the dream?
P.S
I am wandering if I don't know how bad it is in Europe or European aviators are not aware how bad it is in the United States... (honest thought)