"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.

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"Germany is the third largest economy in the world, and it's leading index -- the DAX 30 -- has been in a bull market for four years," notes Heiko Böhmer.

The editor of Privat-Finanzletter offers a trio of German stocks -- on sports cars, solar cells, and Internet broadband growth -- as well as an ETF play for U.S. investors seeking an easy way to participate in the German market.

He explains, "Changes are occurring, as Angela Merkel has become the first female chancellor in Germany and the first chancellor from the former GDR. Meanwhile, we are seeing an ongoing consumer record, health care reform, corporate tax reform, and a recovering construction sector.

"Earnings growth for 2006 was estimated at 21%. I would caution, however, that earnings could slow this year and, after a four-year bull market, there is a chance for an overall market correction -- perhaps as much as 15%.

"Meanwhile, Germany is the biggest export nation in the world and is known for brands that are recognized worldwide. For example, Porsche (Other OTC:PSEPF) is the most profitable car producer. Earnings grew 78% from 2005 to 2006. The U.S. is a very important market.

"Meanwhile, its stake in Volkswagen could grow later this year. Currently, VW's earnings are the biggest driver for Porsche shares right now. Longer term, Porsche will be selling more higher margin cars such as the 911 Turbo. And, its Panamera will be launched in 2009-2010.