PIIGS Temperature Rising

Following Moody's downgrade of Greece:

Greek 5 year cds rise to 1,005 bps, up 22 bps on day.
Portuguese 5 year cds rise to 493 bps, up 12 bps on day.
Spanish 5 year cds rise to 244 bps, up 6 bps on day.

Moody’s says:

Greek fiscal reforms remain very ambitious, have significant implementation risks.

Impementation risks? Gee, yuh think?