Then we get this:

Spain may recapitalize Bankia (BKIA.MC) with Spanish government bonds in return for shares in the bank which last week asked for rescue funding of 19 billion euros ($24 billion), a government source said on Sunday.

Bankia could use the sovereign paper as collateral to get cash from the European Central Bank, forcing the ECB to get involved with restructuring Spain's banking sector, laid low by lending to property developers in a boom that ended in 2008.
Another 19 Billion Euro Bailout - for Bankia

Short summary:

1) Spanish government source
2) Float what amounts to be 19 billion euros of junk bonds
3) Sells them off to the ECB at face value.
4) Uses the proceeds to "recapitalize" Bankia.

Greece all over again....only on a far larger (and completely unaffordable) scale.