I wouldn’t completely write off Etihad just yet. The airline industry has been in dire straits for years - in need of consolidation etc. Flag carriers and national government pride - together with state subsidies and the cynical use of Chapter 11 by US airlines have distorted the airline industry. Going forward some players will go to the wall and the future will rest with those airlines that can operate at the lowest cost - and in practical terms that will be those with the cash to buy the newest fleets because fuel is an airlines biggest cost. Etihad can be a player because they can put the right structure in place to be competitive very quickly, something that Lufthansa, BA and Air France cannot do.