Unions at Spain's Iberia agree to end strike, accept mediator's proposal for fewer layoffs
{{#rendered}} {{/rendered}}Unions representing most workers at Spanish airline Iberia have cancelled strikes planned for next week to protest staff layoffs.
The cancellation Wednesday comes after the unions accepted a mediator's proposal that reduces the number of planned layoffs by 666 to 3,141, or some 15 percent of Iberia's workforce.
The company accepted the proposal last weekend.
{{#rendered}} {{/rendered}}The unions staged strikes between Feb. 18-22 and March 4-8 and were due to resume the stoppages March 18-22.
International Airlines Group, which owns British Airways and Iberia, lost €923 million ($1.20 billion) last year on restructuring costs and writedowns on the value of Iberia.
Spain is in its second recession in three years and has 26 percent unemployment