So presumably, if the deal is allowed to proceed, the ECB will ensure that all the risk actually remains with Bankia and the Spanish government - and therefore with Spanish taxpayers - by imposing a massive discount (or haircut) on the amount of cash it would exchange for the bonds.
As a 46-year old male of the species with a dwindling amount of hair on my head, the opportunity to get a haircut that makes me feel like I rock is quite enticing I must say.