This paper uses the balance-sheet approach to understand some vulnerabilities of the Colombian economy to external shocks. After the 1999-2000 economic crisis, most Colombian financial and nonfinancial businesses have enjoyed a financial recovery. One consequence of the crisis was the breakdown of the mortgage loan system. As a result, families have diminished their long-term debt, and are therefore less vulnerable to interest-rate shocks. Currently, the main vulnerability of the Colombian economy is in the public sector, especially in the central government's balance sheet. Its main weaknesses are a growing debt, the increasing proportion of interests in current income, and the proportion of public debt in foreign currency. The increase of government bonds in portfolios of financial institutions and families exposes these agents to market risk. A particular threat to Colombia's balance of payment is the projected decrease in oil production. The resulting larger deficit in the current account could demand additional internal savings, especially from the public sector.