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Each extra dollar adds $1.6 billion to the airlines' costs.If cash continues to evaporate at its present rate, even the strongest airlines will need to raise money.
"The current environment is tough for all airlines, but history shows that at times like this, the strongest airlines become stronger," she said.
Don't worry, the chief executive, Dame Carolyn McCall, says soothingly, "the current environment is tough for all airlines, but history shows that at times like this the strongest airlines become stronger".
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Even the strongest airline boosters admit that almost no real progress has been made on bomb detection.
Lufthansa, in many respects the strongest airline in Europe, said that air travel had been down about 22percentt since the terrorist attacks of Sept. 11 and that it might well finish the year with a loss.
The stronger airlines should find it easier to take off once there are not so many lame ducks flapping around.
We think at the other extreme are strong airlines that we think have a healthy liquidity balance and are not likely to need any government assistance.
The prospect of a union-friendly Democrat in the White House next year is a further spur to getting deals done quickly.The assumption in the industry is that consolidation will result in stronger airlines.
But they are also deeply divided among themselves, with stronger airlines like Lufthansa staunchly opposed to aid that would prop up weaker carriers whose troubles long predate the Sept. 11 terror attacks.
They argue that the emergence of strong airline alliances, such as Star, led by United and Lufthansa, has changed the nature of competition.
Aer Lingus supported the regulatory decision, saying it was "a much stronger airline today than it was at the time of the previous Ryanair offers" and that it was the only rival to Ryanair on a large number of routes.
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