Time to check in with the PIIGS and take the Euro pulse again. Ireland's debt has been downgraded (again) on the eve of a massive government bond sale, and the end of the tourist season now signals the Greek decline in earnest. Not surprising, the risk premia for the PIIGS are up, nearing their May 2010 highs, while the Euro is in free fall again, after it peaked at just above 1.30.