I did my conversion also a couple years ago. I did it as a backup plan with Naples Air Center with distance learning and then went to Spain. This is probably the best place to do it. It is cheap and I got it done relatively quickly with no issues. I paid everything included for the IR ME $3000 when other places in UK, France, Belgium, Germany were advertising closer to $10,000!!!! They are hurting for business so I am sure you can get a good deal and get it done fast. Look at 'Aerodynamics Malaga'.

On another note, yep, things are not looking good at all in Europe. A lot of airlines are now adapting to the European 'recession'. Air France announced a reduction in labor, EasyJet is closing its Spain base,... and that's just the beginning.