"Someone should be ashamed and it is not us. I'm very bitter, I really didn't believe (this would happen) with two peoples who are proud of their spirit of fair play," Buffon said.
The 2-2 result between Denmark and Sweden ensured Italy's departure from the tournament despite their 2-1 victory over Bulgaria, a scenario many in the Italian camp had feared.
"When you talk for days about a result, a 2-2 result not just a draw, and then it comes out like this, well I'm very surprised," said Buffon.
"It was said that they need to give an example of football in front of everyone and then this happens," he added.
"All those who talk about fair play and sporting values should open their eyes," he added.
Italy thought they were on their way into the last eight when Antonio Cassano struck the winner against the Bulgarians four minutes into stoppage time.
JOYFUL CELEBRATIONS
But the joyful celebrations of Cassano's goal were cut short as the players were told that Sweden had scored a late equaliser.
"We knew it was 2-1 to Denmark when we scored," said midfielder Stefano Fiore. "After the goal we found out that it was 2-2 and you could see the reaction."
Buffon said he realised the score in Porto as he turned to Italy fans to celebrate Cassano's goal.
"You could see from their faces that it was 2-2," he said.
Striker Marco Di Vaio who came on as a late substitute said he had already begun to wonder if it was all going to end badly for Italy when he was on the bench.
"When I heard it was 2-1 then I started to fear," he said.
Asked what he thought about the Nordic spirit of fair play, Di Vaio replied: "It remained just chatter".
Defender Alessandro Nesta said he was still convinced Italy were a better side than Sweden or Denmark.
"I'm very bitter that we have finished third behind two teams who are inferior to us. To go out undefeated with five points really hurts," he said.
Midfielder Simone Perrotta was more cautious with his words, however.
"There is a risk that in this bitterness you can say something you might regret," he said.
