Dívida pública e passivo externo: Onde está a ameaça?

This work aims to analyze if the trajectory and composition of net and gross, public debt and external liabilities can hinder the growth of Brazilian GDP. The work concludes that fiscal indicators are more comfortable that external indicators. The net public debt is falling and less linked to exchange rate variations; the gross public debt is rising but it finances more public investment and public enterprises than monetary policy's operations. External sector play a bigger menace: net external liabilities are growing although the recent external assets' accumulation; and the short run portion is growing too.The deficit in factor income is growing, and the trade balance is not capable to generate surplus in the current account. So, Brazilian economy is more dependent of financial flows, hence more dependent of external liabilities.