And British Airways plans to prune its European network drastically.

ECONOMIST: Travel industry: A business in search of customers | The

However, an assessment by the European Commission found there has been a significant increase in British Airways fares on the Glasgow route since BMI withdrew early in 2011.

BBC: A Virgin Atlantic plane landing at Heathrow

Among the European stocks that are sensitive to the economy and were being heavily lent out were airlines like British Airways and Air France-KLM.

FORBES: Follow The Money--Closely