I am not an expert on GEO Targeting, but I did do some research for another question and was not surprised by the answer. If a domain name is registered by a ccTLD (country code), there are two things that happen from Google's point of view. One, it knows what data centers should be populated primarily, and two, where searches are likely to come from. All of this can shift depending upon search performance.
For example, a Ukrainian site will be heavily populated in the data centers closest to Ukraine. But if the Ukrainian site is in English, it will also heavily populate in data centers in Europe that Ukrainian sites have performed well in. As well, the Ukrainian site will be populated in other data centers to a point. Lets say this site is popular in the U.S. Those data centers will also become heavily populated with the Ukrainian site. Think of load balancing more than anything. Google has it's own algorithms for this and that is what happens.
As well, sometimes the ccTLD is a clue to language, but no real assumption is made. Case in point, all the .cn sites written in English these days. It is surprising. For example, let's make it an obvious one, booger-snots.com.uk (just being silly here) is obviously in the UK, but likely shows up in most all Google data centers that serve English language searches. Why? because it is written in English. And that is your answer. GEO Targeting, if not sought by the site, does not apply except based upon search performance. Otherwise, the primary consideration is the language of the searcher.
Now, if you want to GEO Target your site, then I suggest you do. But if you want to be open to search throughout the world, the only consideration are the languages your site is available to.