Airline Iberia will lose 4,500 jobs in a cost-cutting effort after losing €262 million (US$340 million) through September 2012.
Iberia owner IAG characterizes Iberia in a "fight for survival." Nearly 25 percent of its aircraft will exit the fleet and pay might be cut by 35 percent.
There's a January 31, 2013, deadline for labor to reach an agreement with IAG, which is negotiating to buy Spain's Vueling Airlines, which is based in Barcelona.
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