Latest update: 07/07/2011
"Our institutions know Portgual better than they do"
EU officials have reacted with fury after Portugal's credit rating was downgraded to junk status on Wednesday. US-based ratings agency Moody's slashed Lisbon's rating by four notches, placing Portugal in a technically worse financial position than Ireland. European economists say the move was highly unfair and premature. Meanwhile, the EU is mooting plans to regulate international ratings agencies in retaliation.