Crisis?

Here's proof the GMA's Fiscal Crisis is just a political creation in order to lessen opposition on new tax measures

Arroyo's economic team swiftly rejected a fiscal state-of-emergency declaration - indeed within hours top finance and central officials were flatly contradicting the president, saying the Philippines wasn't in a "fiscal crisis" as this would mean impending default.

http://sg.biz.yahoo.com/040901/15/3mu98.html