eurozone, and the remaining five belong to neither group. This provides a good comparison group of countries. Findings: We find … countries in which they are headquartered, with special emphasis on the recent global financial and eurozone crises …

sparked an unprecedented sovereign debt crisis that rapidly spread to the Euro-Zone's weakest member states. As the crisis … increasingly drove a wedge between a seemingly resilient Euro-Zone core and its faltering periphery, its first collateral victims … were the private banks of the hardest-hit sovereigns. They were rapidly followed by the rest of the Euro-Zone's banks as a …