Introduction: internal debt, external debt and economic transformation / Carlos Massad. -- Another view of the Latin American crisis: domestic debt / Carlos Massad and Roberto Zahler. -- Private internal debt in Colombia, 1970-1985 / Maricio Carrizosa and Antonio Urdinola. -- Internal debt and financial adjustment in Peru / Richard Webb. -- Economic restructuring in Latin America in the face of the foreign debt and the external transfer problem / Robert Devlin. -- The conversion of foreign debt viewed from Latin America / Eugenio Lahera. -- External debt in Central America / Rómulo Caballeros. -- External restriction and adjustment. Options and policies in Latin America / Nicolas Eyzaguirre and Mario Valdivia. -- Review of the theoretical approaches to external adjustment and their relevance for Latin America / Patricio Metier.