Article: European airlines: battling to survive in deregulated skies.

Europe's airlines resemble players in a high stakes poker game as they prepare for deregulation of an industry that has only experienced government ownership, control, and protection since its birth.

Some are gambling their last chips before April 1997 when the European Union's airline market will be totally liberalized with carriers free to launch services wherever they want in the 15-nation bloc and to charge whatever they want.

Just five years ago, everything in Europe's air transport market, from capacity to fares were set by governments, allowing overstaffed, inefficient, state-owned carriers to charge the highest airfares in the world.

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