Just to clarify a few things...
About the MPL: The MPL must be done with an agreement with an airline, because a large portion of the training is taught to the procedures of the specific company. What this means is that you can't just go out and get an MPL on your own and then start applying to airlines. You really get selected first by the airline before you start training.
About Europe: There are definitely more low time pilots than jobs. There are still guys getting jobs with minimum hours straight into a jet or turboprop, but there are also many guys not working or going back to their previous non-flying job. I know guys who have been looking for a flying job for a couple years and some have given up. I also know guys who did find jobs. I know some who have left Europe because they did not find a job here.
"what pilot pays for type rating before getting hired anyway?"
Answer: Some folks in Europe do. I know two guys who bought a type rating straight out of flying school, and another guy who was unsuccessful at the only two interviews which he received (one was in Europe, and the other one he flew half way around the world for) and he is saving up his money for a type rating because he thinks that it will get him a job.
At least you are asking the right questions and you are currently in a relatively good financial situation. It is easy to look at Europe and see that it is possible to get an airline job right away and get blinded by this, but you gotta look at the flipside as well.