The debt of developed foreign countries is looking more and more attractive lately as the FED continues its rate slashing bonanza in an effort to revive a dying U.S. economy. Inflation adjusted yields on U.S. based Treasuries are near the floor. Fixed income investors might be better suited to consider investments across the big pond, not only for greater yield but better diversification.

Read more about it in this Business Week article http://www.businessweek.com/investor/content/mar2008/pi20080324_880033.htm?chan=top+news_top+news+index_investing