What are the grounds on which a financial emergency may be declared?
Obviously because of a lack of money on someone's part! Need more info. Is this a person, a business, a country? I always have a financial emergencyit never stretches far enough! Clarify your question and you'll get a good response. That being said, a Country is most likely or possibly a state. The federal government has very broad powers to deal with one. Shutting down the government, cutting salaries, hiring freezes are just a few methods.