Spain Iberia workers hold demo in Madrid

Workers at Spain’s flag carrier airline, Iberia have held a demonstration in the capital, Madrid to protest the company’s plan to lay off thousands of employees.

On Friday, Iberia employees rallied on the last day of their initial five-day strike. According to reports, the walkout was launched in protest at job cuts and low salaries.

Iberia had to cancel more than four hundred flights from Monday to Friday. The cancellations cost the airline and the struggling Spanish economy millions of euros.

In an attempt to reduce costs, Iberia merged with British Airways in 2011 to form the International Airlines Group (IAG). The merger has been contested by Iberia workers as well as ordinary Spanish people.

Last week, IAG announced plans to cut 3,800 jobs at Iberia, out of a total 20,000.

Cabin crew, ground staff and maintenance workers responded by announcing three five-day strikes, the first of which started on Monday and will last until late Friday.

Iberia reported a loss of 262 million euros in the first nine months of 2012.

Meanwhile, Spanish labor unions also say they have planned more walkouts for March 4-8 and March 18-22.

Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, destroying millions of jobs.