Recent studies have highlighted the issue of stereotypical depictions for people of different identity groups in Text-to-Image (T2I) model generations. However, these existing approaches have several key limitations, including a noticeable lack of coverage of global identity groups in their evaluation, and the range of their associated stereotypes. Additionally, they often lack a critical distinction between inherently visual stereotypes, such as `underweight' or `sombrero', and culturally dependent stereotypes like `attractive' or `terrorist'. In this work, we address these limitations with a multifaceted approach that leverages existing textual resources to ground our evaluation of geo-cultural stereotypes in the generated images from T2I models. We employ existing stereotype benchmarks to identify and evaluate visual stereotypes at a global scale, spanning 135 nationality-based identity groups. We demonstrate that stereotypical attributes are thrice as likely to be present in images of these identities as compared to other attributes. We further investigate how disparately offensive the depictions of generated images are for different nationalities. Finally, through a detailed case study, we reveal how the 'default' representations of all identity groups have a stereotypical appearance. Moreover, for the Global South, images across different attributes are visually similar, even when explicitly prompted otherwise. CONTENT WARNING: Some examples may contain offensive stereotypes.