In 2012, it was reported that British Airways' profits had been wiped out by Iberia's losses, and that the Spanish airline was in a fight for its survival.[62] By 2013, Iberia had lost a billion euros, requiring IAG CEO Willie Walsh to defend the IAG merger.[63] After further losses, IAG's balance sheet was in deep deficit as Iberia fought low-cost competition and a recession, and Walsh admitted that British Airways should perhaps have postponed the merger, saying, "If I'd known the Spanish economy was going to deteriorate to the scale that it did, we may have delayed the decision but ultimately I believe the merger is the right thing".[64] From 2014 on, Iberia returned to profitability, showing Walsh's predictions had been justified.[65]