| Sumario: | In the last years, several scholars have claimed that external indebtness does not constitute anymore a problem in Latin America. Indeed, after the outbreak of the debt crisis in the '80s, most Latin American countries managed to comply regularly with their external obligations. This would prove that the current debt situation is financially sustainable. However, the relatively disappointing outcomes of the Heavily Indebted Poor Countries (HIPC) lnitiative, as well as the difficulties of the region to achieve the Millennium Development Goals (MDGs), indicate the need to assess sustainabitity from a broader perspective. Social, rather than purely financial sustainability. The purpose of our paper is to start filling this gap.Key Words: External Debt, Social Sustainability, Financial Sustainability.
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