Garnsey made a second approach to Norman for emergency financing, and was again rebuffed.

Only a controversial $20 billion in emergency financing organized by the United States kept Mexico from complete collapse.

The governors are planning to ask Congress to provide emergency financing, in addition to the block grants now awarded, to states with high unemployment.

The goals are conditions for the aid, and failure to adopt the changes could lead to a suspension of the emergency financing.

Most of all, he needed money, he said, and if we couldn't arrange emergency financing, he planned to get it by any means possible.

Instead, we need federal emergency financing or private financing.

Congress created the board after the Sept. 11 attacks to allocate $10 billion in emergency financing.

"That's a time of year when the state is squeezed for cash," he said, "and in recent years it has been forced to do some emergency financing."

The company announced in June that it had raised at least $100 million in additional emergency financing.

The argument is that a market participant who expects government bailouts or emergency financing would engage in excessive risk taking.