The important thing about external debt is: is the debt denominated in your currency? Because if you are Argentina (a country with little industry and exports)

The important thing about external debt is: is the debt denominated in your currency? Because if you are Argentina (a country with little industry and exports) and you get a debt in Dollars in order to be able to import, of course you can get in the situation where you have to default your debt in a foreign denominated currency.