(AP) MADRID - 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.

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 (EURO)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