"The ongoing renaissance of Eastern Europe is generating tremendous economic activity, boosting profits for companies across the continent," says Nick Lanyi in High Yield International.

He explains, "As Europe's largest economy, Germany is well positioned to continue benefiting from this growth." And within Germany, his current top pick is Deutsche Telekom (NYSE: DT), which offers a dividend yield of 6.7%.

"German stocks are currently available at historically low valuations. The country's DAX Index is trading at only about 12 times 2008 earnings estimates, with an average dividend yield of 3.4%.

"One of the world's largest telecommunications companies, Deutsche Telekom is much more than the descendant of Germany's monopoly local phone utility. It generates more than half its revenue from outside Germany -- from diversified operations across Europe and in the U.S.

"Outside of Germany, DT garners more growth from its wireless operations in Eastern Europe, the U.K. and the U.S. Most of these operate under the well-known T-Mobile brand. Overall, worldwide wireless activities account for about 55% of the company's revenue.

"Ericsson (NASDAQ: ERIC) has the 'Swedish blues'," jests global expert Yiannis Mostrous, noting the stock fell sharply after issuing a warning. Nevertheless, he remains bullish.

In his The Silk Road Investor, the adviser explains, "Ericsson issued a warning for its gross and operating margins for the third quarter, which fell to 35.6% (43.0% last quarter) and 12.9% (19.4% previously). Promptly, the stock tumbled 24%."

He contends, "Although this is a severe blow to the stock price, the company remains one of the long-term holdings in the global infrastructure area."

The reason? He suggests, "Wireless telecom remains one of the best long-term growth stories. The beauty is that this growth story is applicable to both developed and developing economies. Emerging markets, in particular, are important because they continue to build huge wireless networks, with China and India at the forefront."