Cool Stars 14 - Submitted Abstract # 149 This version created on 05 October 2006 The highly variable CTTS binary S CrA H.C. Stempels, St Andrews University F.M. Walter, Stony Brook University G.F. Gahm, Stockholm Observatory S CrA is one of the most active and variable classical T Tauri Stars. It is a binary system, with a separation of 1.3''. Both components show strong variability in brightness, up to two magnitudes, on short timescales. Also the emission lines in the spectrum are extremely strong and variable, indicating very high and time-dependent accretion rates. It is not known what drives the short-term variability, nor if it is related to binarity. Using the UVES spectrograph at the VLT, we have obtained a timeseries of high-resolution (R=60000) and high signal-to-noise spectra of this system. In parallel we have obtained photometric imaging (BVRI/JHK) with the SMARTS facility at CTIO. Both the spectroscopic and photometric observations resolve the system spatially, allowing us, for the fist time, to study the two stars individually. We present the first results of our analysis, such as the properties of the two stars and possible correlations between the photometric and spectroscopic diagnostics. ----------------------------------