I have been monitoring for these two global stocks with high dividend play yield, France Telecom (FTE) and Telefonica (TEF). Today's post will bring us to Telefonica, the number one Spanish private telecommunicator company. Telefonica, S.A. provides fixed and mobile telephony services primarily in Spain, rest of Europe, and Latin America. Its fixed telecommunication services include PSTN lines; ISDN accesses; public telephone; local, domestic, and international long distance and fixed-to-mobile communications; corporate communications; video telephony; supplementary and business-oriented value-added services; network services; leasing and sale of handset equipment; and telephony information services. 7 reasons TEF is a solid value at current price share: 1.) It has solid operating cash flow (under 4 times market capitalization) and yields a robust >10%. 2.) The company gets more than 2/3's of its revenues from fast growing Latin America so is shielded significantly from the problems in its home country. Increasing ......