Portugal's rating downgrade by Moody's, following Standard & Poor's negative ratings on Greece, was the proverbial straw that broke the camel's back.
It was unexpected news that chilled everyone and that as the hours went by became the spark that lit the hearth of controversy.
The attack by German Finance Minister Wolfgang Schauble was very harsh, declaring at the press conference: “We need to break the oligopoly of the rating agencies”.
Portugal's downgrade has irritated everyone and it is now common opinion in the Eurozone that the influence of rating agencies should be limited.
"I can't understand what is at the basis of this decision - added Schaeuble - it took me by surprise as it has everyone". Moreover, this blow to Lisbon has triggered the decline of the Portuguese stock market and of all EU markets.
Harsh criticisms also from the president of the European Commission, the Portuguese Jose Manuel Barroso and from the Greek foreign minister who defined the judgment of S&P "madness".
The concern stems from the fact that the majority of these agencies are outside the Eurozone and have focused too much on Europe. S&P and Moody's are American, Fitch is Anglo-American.
Critics argue that they have taken a prejudiced negative stance that only favors speculators.
Criticisms, albeit more moderate, also from the ECB which considers the work of the rating agencies "pro-cyclical", ie which tends to accentuate the pre-existing phases of market tension.
