Truncate a string

def smart_truncate(value, max_length=0, word_boundaries=False, separator=' '):
    """ Truncate a string """

    value = value.strip(separator)

    if not max_length:
        return value

    if len(value) < max_length:
        return value

    if not word_boundaries:
        return value[:max_length].strip(separator)

    if separator not in value:
        return value[:max_length]

    truncated = ''
    for word in value.split(separator):
        if word:
            next_len = len(truncated) + len(word) + len(separator)
            if next_len <= max_length:
                truncated += '{0}{1}'.format(word, separator)
    if not truncated:
        truncated = value[:max_length]
    return truncated.strip(separator)