Back in 2007 when I wrote about the US subprime crisis and the affect it will have on aviation, I based the findings that we were all in for trouble on the fact that banks could not sustain lending. Now five years on and with the benefit of hindsight, we appear to be heading for stormy skies again but this time it looks far more worrying than in 2007. This time around it is Europe that will be the centre of a financial crisis this time in the sovereign debt markets. Over the past five years, aviation financing would have

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