Facts
I have a Ecuatorian friend who is working for an airline in Spain, he come here, did his JAA conversion somehow get the "papers" and now is flying like anybody else.
I have not heard still a "law" that states that there is a limited number of foreigners that can fly in a Spanish airline. Just to keep in mind, as long as you speak Spanish and have the appropiate "papers" and license required you are more than welcome to come on board.
Not only that, I have another 2 Italians friends and one dutch that are working in another Spanish airline, and in a corporate company with absolutely no problems, they speak Spanish "fairly" well.
And if you look around Europe, if you have the right to work and live there and speak the language that is required (German, Polish, English, Spanish, French) somebody from outside the EU have exactly the same rights like somebody else from within the EU.
I am from Spain, however I HATE aviation in Spain that is why I want to go somewhere else, tried South America, Caribbean etc but no luck so far. In LAN Peru they told me that I pass the interview, (along with some other Colombians, Venezuelans, Americans) but the fact that I was from Spain drop me out of it at the time of the hiring (but not some of the others).
Regarding Copa.... They hire everybody for Captains, regarding FO's they dont like foreigners, they preffer send to the 737 sim Panamenians with 250 TT that does not speak English AT ALL, there is a high percentage of fresh Panamenians CPL's that FAIL the type rating, not because their skills, because some of them they do not even know how to say "Hola" in English.
I think we should leave on the side all this thing about racism and all this stuff because let me tell you that in EVERY country is a lot of racism with foreigners, in Spain, Peru and EVERYWHERE ELSE.