The evaluation and analysis of developing countries’ external debt from the economic and fiscal aspects for 1980-2010 time period is the subject of this study. The most prominent features of this period are globalization, international integration activities and the economic crises. In the same period of time, especially last ten years, important changes has been observed in developing countries’ external debt. Also in this context, with financial liberalization, it becomes difficult to define the concepts of internal and external sources. After reviewing the theoretical side of external debt in developing countries, evaluation and analysis has been made with a long-term perspective.