If you are down 20%, scale into the position. In other words, buy more.
I own TEF in spite of 'the real Spain". I want to own emerging Europe and Latin America through TEF. STD set up subs in many of these countries and you are right that you get real EU exposure through STD, but is that what you really want at this point?
There is a 19% foreign tax. I own 225 shares and I was taxed 44.51 because of that. That does suck but I am content getting paid to sit and wait for this stock to go back up. By the way you can claim that tax on your taxes when you file in 2012