No, he trusted the European Union. Thats the plan that failed. The EU supposedly guaranteed that any country in the EU was a safe place to invest or save.
Did they? I know they had a directive telling countries how much depositor insurance, but when did the EU guarantee that you wouldn't lose your shirt if you put your money in a high-interest offshore account? It would be a weird thing for the EU to guarantee, because they don't really have the money or the authority to do it.