If you think Spain will find a way through it's debt crisis, TEF looks to be a good way to bet on the recovery. I liked it at $18, love it at $12. The dividend compensates you for some of the risk. To keep the dividend sustainable, they have begun to pay out a portion of the dividend in shares (while still paying a portion in cash). There is speculation they will sell their German operations to help pay down debt.Oh, and 50% of revenues come from Latin America, which helps de-emphasize the risk a bit, too.Gouldberg
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