[QUOTE]This may take many years, but the fallout for the pilots will be a constant downward pressure on T&Cs, which I should not fancy if I was looking forward to 30 or so years of employment./QUOTE]
That is happening now, in every airline. It doesn't matter if you work for Ezy, Monarch or Air Bhutan. Monarch's big problem has always been the potential withdrawal of funding from Don Corleone. It would be bad news it they ever did go as they are one of the only decent airlines left that offer reasonable entry terms and conditions for First Officers. My punt for the future is Monarch being consumed by a leaner bigger outfit when the funding from the olive oil company dries up.
It is looking increasingly likely that there will be several airline failures in the next 18 months as the euro-zone staggers through a deep recession or goes pop entirely. I imagine Monarch will survive in some form or another.