Inter lost 1-0 at home at the San Siro.
“The glass is half full because we qualified, but although we are happy about that, we aren’t pleased with our performance because it was a horrible showing,” Moratti told Inter’s website.
“There are no excuses, Panathinaikos played really well and they took a clever approach to what was a difficult game.
“Jose Mourinho criticised himself and the way the game was played. He was professional and did it with humility.
“I saw the players after the game and they were annoyed but sometimes these lessons need to be learned.”