Wrong. Thay had the best tanks in the country (T26) and very good planes for the time (I15 and I16). But they weren't a coherent force. They were many factions, not only comunists. Every political party and syndicate had their own agenda, and fought among themselves more often than against the enemy. Stalin (his agents here) made sure most political rivals of the comunists were taken out of the way. Franco wasn't a genius strategist, but his side was unified. You can't win a war if your allies are killing your own people.
The T-26 was slow , poorly armed , and had thin armour , a panzer 2 could take it out. But the T-26 was easy to produce in large numbers.
Compared to what the tanks of other nations packed as main armament, no, it wasn't. The Panzer 2 carried only a 20mm gun, for example, and no others carried anything bigger than a 37mm, IIRC.
And not many panzerII were in Spain at the time The Condor Legion (german Luftwaffe fighting for nationals side) had to use their 88 to defend against an armored attack because there wasn't anything else to stop the tanks (they had italian tankettes and panzerI's as support, i think). I'll have to dig for the data of those battles.
And not many panzerII were in Spain at the time Remember WWII was 3 years away. The Condor Legion (german Luftwaffe fighting for nationals side) had to use their 88 to defend against an armored attack because there wasn't anything else to stop the tanks (they had italian tankettes and panzerI's as support, i think). I'll have to dig for the data of those battles.