The depositors relied on a ECB and government claims of both insurance and solvency. In short, they were lied to. The insurance is being honored but the false claim of solvency is not. This isn't an "opinion" it is a formal declaration coming from a government intended to keep people from pulling their money -- that is, it's intended that you rely on these so-called "opinions." If you're going to issue such pronouncements under the premise that people should rely on them then you must be held to account when it turns out you're full of crap.