As in the US, non-US bank stocks have been hammered this year due to the financial problems that began in the US subprime mortgage market and spread globally to engulf many major financial institutions in most countries. The median stock price decline for non-US bank in the Zacks' universe is 57.5% compared to a loss of 42.1% for the S&P 500. This includes median price declines for non-US banks in the Zacks' universe of 76.5% in Europe, 59.3% in Asia, and 47.0% in Latin America.
In response to the global financial crisis, governments have taken dramatic action to forestall the possibility of global meltdown.
