Rajesh Shant, who is head of European equities for Newton Capital Management, says that when picking high-dividend payers, "you want a dividend that will be maintained or increased, and it doesn't have to be a big increase. Middle-single-digit EPS and dividend growth can be particularly attractive in today's environment." Combine such a dividend payout with modest stock appreciation, and total return can approach double digits. Among the high-dividend payers he likes, Shant lists Deutsche Telekom (DT), with a 2009 expected yield of 7% and cash flow this year that will cover dividends a strong 4.5 times. Its ratio of net debt to earnings before interest, taxes, depreciation and amortization (Ebitda) is 1.7 times.

At French oil giant Total (TOT) the respective ratios are 5.8%, 3.7 times and 0.3 times.

Among the stocks that Bolton favors are Spain's Telefonica (TEF), which has a 7% 2009 yield and 3.8 times dividend cover, and BP, the British oil producer, which has a 6.9% yield and 2.8 times cover. Falling oil prices are an issue for BP, but he thinks it will try to avoid a dividend cut, owing to bad memories of a prior cut in the 1990s.

Among the stocks that Bolton favors are Spain's Telefonica (TEF), which has a 7% 2009 yield and 3.8 times dividend cover, and BP, the British oil producer, which has a 6.9% yield and 2.8 times cover. Falling oil prices are an issue for BP, but he thinks it will try to avoid a dividend cut, owing to bad memories of a prior cut in the 1990s.

There's also the SPDR S&P International Dividend ETF (DWX), which tracks the S&P International Dividend Opportunities Index, a benchmark for income-seeking investors. It isn't limited to European companies.