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.
Good point, although in line with this:
http://ec.europa.eu/internal_market/capital/framework/treaty/index_en.htmThey do seem to implicitly promise not to be the ones taking your shirt from you. It's one thing to just let the bank collapse. It's another thing to decide to save the bank and selectively take people's money.