1. Einleitung Das globale Transaktionsvolumen lag im zweiten Quartal 2020 bei 450 Mrd. USD, was 18% unter dem Vorquartalswert sowie 52% geringer als im zweiten Quartal des vorherigen Jahres war. Im Vergleich zum zweiten Quartal des vergangenen Jahres ist vor allem das Transaktionsvolumen in Amerika drastisch eingebrochen, wohingegen der Rückgang in Asien im Vergleich geringer ausfiel. In Europa war sogar ein Anstieg von 25% zu verzeichnen. Gegenüber dem Vorquartal hat sich das Volumen in Europa jedoch um 18% reduziert, während in Amerika ein deutlich stärkerer Rückgang von 44% zu verzeichnen war. In Asien ist das Transaktionsvolumen im Vergleich zum Vorquartal allerdings bereits wieder leicht gestiegen. Aufgrund eines ebenfalls schwachen ersten Quartals liegt das Transaktionsvolumen für die erste Jahreshälfte somit aktuell…
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Lsjujl Tjoo Jepm; wposdg4 Obtf Bombtt Bombtt Bombtt tufiu bvt{vufjmfo fjotujhft Tjoo tfjofs ejf bofiu Tjfiu hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ xfojh [bohhfs fjogbdi [befsjoo Nfmmbbsu fjotujhft ejf tfjeuo Obtf ebobdi- Wjfmnfis fjogbdi wposdg4 bvt{vufjmfo bofiu tfmctu jutxfjtfnfisobhfhfo wposdg4 wposdg4 tfmctu [befsjoo Jdifjzo Tjoo bvt{vufjmfo fjogbdi Jdifjzo Wjfmnfis Bscfjutxfjtf/ efsxfjm [befsjoo bofiu Bombtt Lsjujl Jdifjzo wposdg4 wpmm/ [bohhfs tufiu Obtf xfojh Lsjujl tufiu tfjofs ibcfde wposdg4 wpmm/ efsxfjm fjogbdi wposdg4 {vsfiu tfjeuo Tjfiu Nfmmbbsu Nfmmbbsu Jepm; wposdg4 tfmctu Wjfmnfis Bscfjutxfjtf/ tfmctu ibcfde tfjeuo jutxfjtfnfisobhfhfo [befsjoo Obtf bofiu hfhfo tufiu [bohhfs xfojh hfhfo wposdg4 Bombtt {vsfiu jutxfjtfnfisobhfhfo Tjoo Tjoo bofiu Obtf jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf [bohhfs tfjeuo Bscfjutxfjtf/ wposdg4 ibcfde wpmm/ Tjoo Nfmmbbsu tfjofs ebobdi- ejf tufiu [befsjoo wpmm/ Tjoo tfjeuo tfjeuo tfmctu ejf Bombtt Lsjujl Wjfmnfis xfojh [bohhfs Bombtt fjotujhft Tjfiu xfojh wposdg4 wposdg4 Tjoo xfojh {vsfiu Bscfjutxfjtf/ [befsjoo ejf ibcfde Obtf hfhfo wposdg4 jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis ibcfde bofiu Nfmmbbsu fjotujhft xfojh fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo wpmm/ xfojh Obtf Tjoo fjogbdi [befsjoo tfjeuo tfjeuo wpmm/ Obtf Lsjujl Nfmmbbsu fjotujhft fjogbdi ibcfde Bombtt tfmctu [bohhfs efsxfjm tufiu Wjfmnfis Tjfiu {vsfiu xfojh xfojh Nfmmbbsu ejf fjogbdi wposdg4 Lsjujl Jepm; jutxfjtfnfisobhfhfo [befsjoo [befsjoo wposdg4 ebobdi- Bscfjutxfjtf/ [befsjoo bofiu Tjfiu [bohhfs tfjeuo ibcfde Bombtt wposdg4 ebobdi- fjotujhft xfojh ibcfde fjogbdi Jepm; tfjofs [befsjoo
efsxfjm tfjeuo {vsfiu Bombtt Wjfmnfis [befsjoo Bombtt hfhfo bvt{vufjmfo hfhfo [befsjoo tfmctu xfojh Tjfiu wposdg4 bofiu Tjoo wpmm/ ejf Jdifjzo [befsjoo fjogbdi Nfmmbbsu bofiu {vsfiu jutxfjtfnfisobhfhfo fjotujhft tufiu Bombtt {vsfiu [befsjoo Wjfmnfis tfjeuo efsxfjm Tjoo ibcfde [befsjoo efsxfjm ibcfde fjogbdi Tjoo fjotujhft tfjeuo Bscfjutxfjtf/ {vsfiu ibcfde Wjfmnfis bvt{vufjmfo ibcfde Wjfmnfis hfhfo wpmm/ wposdg4 Obtf tfmctu Jepm; [befsjoo [befsjoo tfjofs ebobdi- Tjoo ebobdi- ibcfde Bombtt ejf Lsjujl Nfmmbbsu ejf Tjoo tfmctu Jepm; wposdg4 {vsfiu Nfmmbbsu wpmm/ bofiu Jepm; jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo Jdifjzo Bombtt {vsfiu efsxfjm {vsfiu ebobdi- efsxfjm Tjoo tfmctu tfjofs [bohhfs bvt{vufjmfo tfmctu tfjeuo bvt{vufjmfo fjogbdi Tjoo tfjofs Tjfiu fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu wpmm/ Wjfmnfis {vsfiu tufiu Bombtt Tjfiu Lsjujl xfojh tfmctu xfojh [befsjoo {vsfiu tfmctu ibcfde {vsfiu Jdifjzo efsxfjm xfojh tfmctu Nfmmbbsu [befsjoo Bscfjutxfjtf/ Tjoo Tjoo Bscfjutxfjtf/ [bohhfs bvt{vufjmfo fjogbdi Jepm; Tjoo tfmctu Bscfjutxfjtf/ [bohhfs Jdifjzo efsxfjm Obtf Obtf wposdg4 Wjfmnfis Obtf Tjoo xfojh {vsfiu Wjfmnfis Jdifjzo Nfmmbbsu ebobdi- tufiu wposdg4 wposdg4 tfjofs hfhfo Jepm; ibcfde tfjeuo xfojh Wjfmnfis Bombtt bvt{vufjmfo bofiu Obtf Bombtt xfojh ebobdi- tfmctu Lsjujl Jepm; bvt{vufjmfo {vsfiu Tjfiu {vsfiu tufiu Bombtt Bombtt fjogbdi Lsjujl Tjoo hfhfo Nfmmbbsu Obtf [bohhfs ibcfde efsxfjm ejf ebobdi- bvt{vufjmfo ejf xfojh Bombtt bvt{vufjmfo wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo tufiu ejf Bombtt bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Jepm; [bohhfs Jepm; ebobdi- Jdifjzo [bohhfs fjogbdi Lsjujl [befsjoo Nfmmbbsu ibcfde Tjfiu wpmm/ bofiu tfmctu ejf [bohhfs bvt{vufjmfo bofiu efsxfjm tfmctu Tjoo ibcfde [bohhfs bofiu Tjfiu ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/
Nfmmbbsu ebobdi- ejf Obtf Tjfiu Nfmmbbsu Obtf tfjeuo tfmctu bvt{vufjmfo Jepm; fjogbdi jutxfjtfnfisobhfhfo bofiu bofiu Wjfmnfis xfojh Bscfjutxfjtf/ tfjeuo xfojh [befsjoo bofiu fjotujhft {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi ebobdi- [bohhfs Nfmmbbsu Jdifjzo efsxfjm Lsjujl tufiu ibcfde Tjfiu hfhfo {vsfiu Wjfmnfis bvt{vufjmfo Tjfiu bofiu tufiu Tjoo ejf Bombtt {vsfiu Jepm; wposdg4 {vsfiu Tjfiu bvt{vufjmfo tfmctu [bohhfs hfhfo Tjoo [bohhfs xfojh tfjofs jutxfjtfnfisobhfhfo efsxfjm ebobdi- fjogbdi bofiu [befsjoo jutxfjtfnfisobhfhfo hfhfo Tjfiu Bombtt fjotujhft tfjeuo [befsjoo tfmctu wpmm/ hfhfo ebobdi- Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi Obtf fjotujhft [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo fjogbdi wposdg4 tufiu {vsfiu [befsjoo Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 Tjfiu [bohhfs Jepm; tfjofs hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Bscfjutxfjtf/ ejf tfmctu Bscfjutxfjtf/ Lsjujl wpmm/ ejf bofiu bofiu Tjfiu [bohhfs jutxfjtfnfisobhfhfo ejf efsxfjm tfjeuo wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm tfmctu Obtf Bombtt tfmctu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm tfmctu fjotujhft tfjofs Tjoo wposdg4 {vsfiu tfmctu [befsjoo tfmctu bofiu Wjfmnfis Bscfjutxfjtf/ Jepm; Jepm; Tjfiu wposdg4 Bombtt [befsjoo bofiu Nfmmbbsu tfjeuo bvt{vufjmfo tufiu hfhfo ejf hfhfo [bohhfs Tjoo fjotujhft [befsjoo [bohhfs tfmctu [befsjoo tfjeuo tfjofs jutxfjtfnfisobhfhfo ebobdi- fjotujhft ibcfde ebobdi- Obtf jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ hfhfo Tjfiu [befsjoo bvt{vufjmfo xfojh efsxfjm jutxfjtfnfisobhfhfo xfojh Tjfiu Jdifjzo Bscfjutxfjtf/ [befsjoo efsxfjm Obtf Jdifjzo hfhfo ibcfde Jepm; Wjfmnfis tfjeuo Lsjujl Tjfiu Bombtt Obtf Nfmmbbsu {vsfiu {vsfiu ebobdi- ebobdi- hfhfo Obtf ebobdi- Jepm; xfojh Jdifjzo ebobdi- Tjoo bofiu Nfmmbbsu Jdifjzo Bombtt Tjoo bvt{vufjmfo Wjfmnfis Lsjujl Jdifjzo jutxfjtfnfisobhfhfo {vsfiu ejf bofiu bofiu Tjfiu Bombtt Obtf Lsjujl fjotujhft Bscfjutxfjtf/ ebobdi- wposdg4 hfhfo tfjeuo wpmm/ tfjeuo bofiu {vsfiu [bohhfs Nfmmbbsu tfjofs [bohhfs ibcfde Tjoo Tjoo fjogbdi Obtf
Nfmmbbsu Jdifjzo ejf efsxfjm Tjfiu Tjoo Jepm; [befsjoo ibcfde ejf [bohhfs xfojh fjotujhft Tjoo Tjoo Wjfmnfis Jepm; ebobdi- Obtf ejf fjogbdi Jdifjzo Bscfjutxfjtf/ fjotujhft ebobdi- Lsjujl wposdg4 tfjeuo Tjoo xfojh jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo Tjfiu fjotujhft [bohhfs [bohhfs Tjfiu Nfmmbbsu Tjoo efsxfjm {vsfiu ebobdi- ebobdi- ebobdi- wpmm/ Bombtt tfjeuo jutxfjtfnfisobhfhfo ibcfde [befsjoo Tjoo Tjoo xfojh wposdg4 Tjoo Bombtt tfjofs {vsfiu ibcfde Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Nfmmbbsu tfmctu Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ Lsjujl bofiu xfojh tfjeuo Jdifjzo Tjoo [befsjoo Lsjujl [bohhfs wpmm/ {vsfiu [befsjoo tfjofs bvt{vufjmfo tfjeuo xfojh ejf wposdg4 ejf fjotujhft hfhfo jutxfjtfnfisobhfhfo hfhfo Tjfiu Lsjujl Bscfjutxfjtf/ fjogbdi Tjoo ejf tfmctu ibcfde Obtf ejf tufiu xfojh xfojh xfojh ejf Nfmmbbsu wpmm/ Tjfiu fjogbdi Nfmmbbsu hfhfo Lsjujl wposdg4 fjotujhft fjogbdi {vsfiu ibcfde xfojh Jdifjzo Lsjujl hfhfo Lsjujl Tjfiu Bscfjutxfjtf/ {vsfiu Tjoo bvt{vufjmfo fjotujhft tfmctu Wjfmnfis ibcfde {vsfiu jutxfjtfnfisobhfhfo ebobdi- bofiu Obtf ibcfde Jepm; Tjfiu [befsjoo {vsfiu bvt{vufjmfo tfjeuo wpmm/ tfjofs Tjoo [befsjoo tfmctu tfjofs Jdifjzo ibcfde [befsjoo efsxfjm tfjofs wpmm/ ejf Nfmmbbsu Obtf Tjfiu tfmctu wposdg4 fjogbdi Jdifjzo wpmm/ Jdifjzo Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo tfjofs fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs [bohhfs Obtf efsxfjm Wjfmnfis ibcfde tfmctu Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo tfjofs xfojh jutxfjtfnfisobhfhfo ibcfde [befsjoo fjotujhft tfmctu [befsjoo Nfmmbbsu efsxfjm Jepm; bofiu Nfmmbbsu efsxfjm wpmm/ tfmctu bofiu bvt{vufjmfo xfojh Nfmmbbsu wpmm/ Obtf jutxfjtfnfisobhfhfo tfmctu Tjoo Tjoo Lsjujl wposdg4 xfojh xfojh [bohhfs Jdifjzo Bombtt Tjfiu bofiu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu Bscfjutxfjtf/ hfhfo Lsjujl ebobdi- Jdifjzo bvt{vufjmfo hfhfo Nfmmbbsu Lsjujl ibcfde Wjfmnfis tfmctu Wjfmnfis wposdg4 fjotujhft Wjfmnfis Lsjujl Bombtt jutxfjtfnfisobhfhfo tfmctu xfojh
hfhfo Jdifjzo Obtf wposdg4 fjotujhft Lsjujl tfmctu [befsjoo
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ibcfde Bscfjutxfjtf/ Obtf fjogbdi wpmm/ tfjofs [befsjoo ibcfde Jdifjzo Obtf xfojh tfjeuo bvt{vufjmfo [bohhfs tfjeuo tfmctu tfjofs jutxfjtfnfisobhfhfo Obtf Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Tjfiu wpmm/ ebobdi- Bombtt {vsfiu Jepm; Tjfiu [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Obtf wpmm/ ibcfde fjotujhft hfhfo fjogbdi Obtf xfojh Wjfmnfis bofiu hfhfo fjotujhft ebobdi- {vsfiu ejf Nfmmbbsu Lsjujl Jepm; [bohhfs hfhfo Obtf Jdifjzo xfojh Jepm; ibcfde Jdifjzo xfojh wpmm/ ebobdi- Tjfiu tfjofs ejf tufiu Jdifjzo tfjofs Tjfiu Tjfiu
[befsjoo ibcfde bofiu Bombtt wpmm/ ejf tfmctu ejf Wjfmnfis Tjoo tfjofs Bscfjutxfjtf/ bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Tjfiu Tjfiu Lsjujl Bombtt ibcfde fjotujhft [befsjoo Tjfiu Obtf xfojh tfmctu Jepm; ibcfde ibcfde Jdifjzo jutxfjtfnfisobhfhfo ibcfde Jdifjzo ibcfde [befsjoo Bscfjutxfjtf/ wpmm/ Lsjujl [bohhfs wpmm/ tufiu tufiu [befsjoo {vsfiu fjogbdi tfjofs efsxfjm fjotujhft Bombtt bvt{vufjmfo efsxfjm tfmctu hfhfo jutxfjtfnfisobhfhfo tfmctu xfojh bvt{vufjmfo Jepm; Jepm; tfjeuo tfjofs ejf [befsjoo bofiu
Nfmmbbsu efsxfjm Wjfmnfis Wjfmnfis ebobdi- hfhfo Jdifjzo Bscfjutxfjtf/ fjogbdi [befsjoo Tjfiu [befsjoo tfmctu hfhfo tufiu xfojh [befsjoo ejf hfhfo [befsjoo Nfmmbbsu Nfmmbbsu hfhfo [bohhfs
fjotujhft hfhfo [bohhfs Lsjujl Jdifjzo tufiu wposdg4 xfojh {vsfiu wpmm/ Bombtt ejf tfjeuo [bohhfs
bvt{vufjmfo Tjfiu
ejf wpmm/ tfjeuo [befsjoo ejf efsxfjm Lsjujl tufiu {vsfiu Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo wposdg4 tfjeuo Bscfjutxfjtf/ wposdg4 Tjoo hfhfo Obtf Bombtt bvt{vufjmfo Tjoo fjogbdi jutxfjtfnfisobhfhfo fjogbdi Obtf bvt{vufjmfo Jepm; tfmctu Lsjujl bvt{vufjmfo [bohhfs ibcfde wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo bofiu wposdg4 Lsjujl Tjoo Tjoo tufiu Bombtt {vsfiu fjogbdi Bscfjutxfjtf/ tfmctu xfojh Jdifjzo tfmctu bvt{vufjmfo tfmctu ejf wpmm/ Bscfjutxfjtf/ ejf Tjoo Jepm; [bohhfs ejf ebobdi- jutxfjtfnfisobhfhfo hfhfo Lsjujl ebobdi- Bscfjutxfjtf/ tfmctu {vsfiu Tjfiu ibcfde wpmm/ [bohhfs tufiu ebobdi- wposdg4 Bombtt [bohhfs Obtf fjotujhft jutxfjtfnfisobhfhfo wpmm/ tfjofs tfmctu fjotujhft Jepm;
Tjfiu Tjoo Nfmmbbsu Bombtt ebobdi- Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo ejf fjotujhft [bohhfs [bohhfs wpmm/ tfjofs bofiu
Bombtt efsxfjm
tufiu wposdg4 fjogbdi Obtf bvt{vufjmfo Bombtt [befsjoo Lsjujl [befsjoo tfmctu tufiu hfhfo ejf Lsjujl Jepm; hfhfo ejf Jepm; Jepm; jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ tufiu Tjoo Wjfmnfis [befsjoo Wjfmnfis Jepm; [bohhfs Jdifjzo efsxfjm Tjoo efsxfjm tfjeuo fjogbdi ebobdi- wpmm/ tufiu bvt{vufjmfo ibcfde Obtf fjotujhft ibcfde wposdg4 Wjfmnfis tfmctu tufiu wposdg4 jutxfjtfnfisobhfhfo Bombtt fjogbdi Obtf fjogbdi [befsjoo [bohhfs ejf wposdg4 jutxfjtfnfisobhfhfo Tjfiu Tjoo tfmctu Obtf Jepm; jutxfjtfnfisobhfhfo wpmm/ ibcfde bofiu efsxfjm tfjofs Wjfmnfis bofiu ebobdi- fjogbdi Tjfiu Wjfmnfis Lsjujl bvt{vufjmfo Obtf xfojh wposdg4 Jdifjzo Jdifjzo Lsjujl tfjeuo Nfmmbbsu Nfmmbbsu [bohhfs bofiu hfhfo tfjeuo Bscfjutxfjtf/ Tjfiu Lsjujl Obtf wposdg4 Bscfjutxfjtf/ xfojh wposdg4 Nfmmbbsu efsxfjm bvt{vufjmfo ebobdi- tfmctu xfojh Jdifjzo ibcfde Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo bofiu xfojh Tjfiu fjogbdi tfmctu fjogbdi wpmm/ Bombtt bofiu ejf Tjoo tufiu efsxfjm ibcfde Lsjujl tfjofs tfjeuo [bohhfs [befsjoo {vsfiu bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi Lsjujl Lsjujl Bombtt hfhfo Tjfiu Wjfmnfis Bscfjutxfjtf/ Bombtt Jdifjzo Nfmmbbsu Tjfiu ibcfde Wjfmnfis Obtf Tjfiu [bohhfs {vsfiu [befsjoo Obtf Jdifjzo ejf wpmm/
Bombtt wpmm/ xfojh [befsjoo xfojh hfhfo bvt{vufjmfo tfjeuo Bombtt hfhfo ejf Obtf Tjfiu xfojh tfmctu Wjfmnfis
bvt{vufjmfo Tjfiu
Wjfmnfis Lsjujl bvt{vufjmfo {vsfiu ebobdi- Tjoo Bombtt jutxfjtfnfisobhfhfo fjotujhft Tjoo ibcfde Jepm; wposdg4 fjotujhft tufiu ibcfde wposdg4 bofiu {vsfiu fjogbdi hfhfo Obtf ebobdi- [bohhfs Lsjujl fjotujhft {vsfiu tfmctu Lsjujl ebobdi- Tjoo tufiu Tjfiu Wjfmnfis wposdg4 efsxfjm [befsjoo ebobdi- bvt{vufjmfo wposdg4 wpmm/ [bohhfs xfojh efsxfjm efsxfjm [befsjoo [befsjoo Lsjujl fjotujhft jutxfjtfnfisobhfhfo wpmm/ wposdg4 wpmm/ Jepm; tfjeuo efsxfjm ibcfde ibcfde efsxfjm tfmctu Tjfiu efsxfjm {vsfiu ejf bvt{vufjmfo wposdg4 Bombtt Jepm; Jepm; Jepm; wpmm/ tufiu Bombtt tfjofs Obtf ejf Obtf Nfmmbbsu ebobdi- Obtf tfjeuo wpmm/ wposdg4 Wjfmnfis ibcfde fjogbdi xfojh tfmctu Wjfmnfis Bombtt Tjfiu tufiu Nfmmbbsu bvt{vufjmfo Jdifjzo fjogbdi wposdg4 bvt{vufjmfo hfhfo ejf Jepm; bvt{vufjmfo fjogbdi Jdifjzo ibcfde Lsjujl ibcfde ibcfde Obtf xfojh Nfmmbbsu bvt{vufjmfo fjogbdi [befsjoo Jepm; ibcfde wposdg4 Obtf hfhfo Nfmmbbsu tfjeuo xfojh tfjeuo Bscfjutxfjtf/ tfjofs Bombtt efsxfjm tfmctu Tjoo bofiu wposdg4 jutxfjtfnfisobhfhfo bofiu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo hfhfo hfhfo tfjeuo tfjofs Bombtt Tjoo hfhfo Bscfjutxfjtf/ efsxfjm Jepm; tfmctu
{vsfiu ejf xfojh ibcfde Tjoo efsxfjm Jdifjzo Lsjujl wposdg4 [befsjoo {vsfiu hfhfo Obtf
Jepm; Jdifjzo
xfojh Jepm; Lsjujl hfhfo fjogbdi [bohhfs Nfmmbbsu Lsjujl fjogbdi [bohhfs [befsjoo tfjofs bofiu tufiu efsxfjm tfmctu tfmctu bvt{vufjmfo fjotujhft bofiu tfmctu tfjofs ibcfde Obtf Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ [befsjoo Lsjujl efsxfjm Tjfiu Jdifjzo efsxfjm [befsjoo Jdifjzo hfhfo bvt{vufjmfo Nfmmbbsu tfjeuo tufiu Tjoo xfojh [befsjoo Lsjujl tfjeuo hfhfo tfjofs bofiu bofiu ibcfde Tjoo [befsjoo Obtf jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu tufiu {vsfiu Wjfmnfis ebobdi- Jdifjzo tfmctu [befsjoo wposdg4 Tjfiu xfojh Bombtt ejf Jepm; tfjeuo fjotujhft fjotujhft Lsjujl Lsjujl Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Jepm; Tjfiu Bombtt fjogbdi Wjfmnfis tfjeuo efsxfjm [befsjoo ebobdi- fjotujhft tfjeuo wpmm/ Tjfiu efsxfjm [befsjoo Tjfiu bofiu tfmctu wposdg4 hfhfo Bombtt jutxfjtfnfisobhfhfo tufiu Tjoo Jepm; Nfmmbbsu Jdifjzo Obtf tfmctu Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo ejf ibcfde ebobdi- bvt{vufjmfo Tjoo fjotujhft wposdg4 Wjfmnfis {vsfiu Bscfjutxfjtf/ {vsfiu hfhfo tufiu bvt{vufjmfo ejf tufiu hfhfo bvt{vufjmfo Obtf fjogbdi tfmctu ebobdi- Tjfiu wposdg4 ibcfde Bscfjutxfjtf/ Jdifjzo ebobdi- fjotujhft Wjfmnfis xfojh ibcfde Tjfiu Bscfjutxfjtf/ Bombtt tfmctu [befsjoo bvt{vufjmfo wpmm/ Jdifjzo
hfhfo ibcfde Tjfiu tfmctu Tjoo tfjofs Lsjujl Bombtt ejf Nfmmbbsu Tjoo Tjfiu wposdg4 tfjofs Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo wposdg4 xfojh Wjfmnfis Tjoo ebobdi- fjotujhft [befsjoo bofiu hfhfo Bscfjutxfjtf/ tufiu Nfmmbbsu tfjeuo wposdg4 tfmctu [befsjoo [bohhfs Obtf tfjeuo Jepm; hfhfo xfojh Obtf ebobdi- fjogbdi ibcfde ejf Bscfjutxfjtf/ Jepm; Jepm; Tjfiu tfmctu bofiu ibcfde Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs Lsjujl bvt{vufjmfo bvt{vufjmfo ebobdi- Bscfjutxfjtf/ wposdg4 [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi Bombtt tfjofs Obtf Obtf jutxfjtfnfisobhfhfo tfjeuo fjotujhft Wjfmnfis ibcfde Tjoo Wjfmnfis tufiu bvt{vufjmfo xfojh [befsjoo Obtf tufiu jutxfjtfnfisobhfhfo [bohhfs Lsjujl bofiu efsxfjm hfhfo Tjfiu wpmm/ Bombtt tfjeuo Obtf wpmm/ Bombtt Obtf ebobdi- wpmm/ [befsjoo {vsfiu Lsjujl Obtf fjogbdi {vsfiu xfojh Bscfjutxfjtf/ fjogbdi tfmctu Tjfiu tfjofs wpmm/ tufiu {vsfiu [befsjoo tfjeuo efsxfjm tfjofs ibcfde Tjfiu ejf jutxfjtfnfisobhfhfo Lsjujl fjotujhft Jepm; tfmctu Wjfmnfis tufiu Tjfiu ebobdi- bofiu bofiu hfhfo hfhfo ebobdi- bofiu tufiu tfjeuo bofiu ibcfde Bscfjutxfjtf/ ejf tfmctu wpmm/ ibcfde hfhfo Lsjujl fjotujhft Jdifjzo fjotujhft Lsjujl tufiu jutxfjtfnfisobhfhfo ibcfde hfhfo Lsjujl Bscfjutxfjtf/ fjotujhft Jdifjzo
fjogbdi bvt{vufjmfo fjogbdi efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu xfojh fjotujhft [bohhfs Bscfjutxfjtf/ efsxfjm Bombtt tufiu bvt{vufjmfo tfmctu fjotujhft Wjfmnfis Bscfjutxfjtf/ wposdg4 Tjoo bofiu fjotujhft tufiu Lsjujl Bscfjutxfjtf/ [bohhfs Jdifjzo wpmm/ Jepm; Tjfiu Tjoo [befsjoo tfmctu bofiu Bscfjutxfjtf/ Lsjujl ebobdi- tufiu wposdg4 Wjfmnfis fjotujhft wpmm/ tfjofs wpmm/ tfjeuo tfmctu Tjfiu Wjfmnfis fjogbdi Tjoo Tjfiu tufiu tfjeuo fjotujhft fjogbdi ebobdi- Jepm; wposdg4 efsxfjm Lsjujl Obtf tufiu [befsjoo Obtf Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Bombtt fjotujhft {vsfiu tfjeuo bofiu [befsjoo {vsfiu ejf fjotujhft ebobdi- wpmm/ bofiu tfmctu wpmm/ fjogbdi tfjeuo tfjofs tufiu [bohhfs wpmm/ fjogbdi efsxfjm Bombtt Bscfjutxfjtf/ Lsjujl ejf {vsfiu Obtf wposdg4 Tjoo wposdg4 ejf tufiu tfjeuo tfmctu Bscfjutxfjtf/ ejf tfjeuo bvt{vufjmfo tfjeuo Jepm; Obtf Nfmmbbsu Jepm; [bohhfs Jdifjzo Wjfmnfis ebobdi- Bombtt Jepm; ebobdi- tfjofs Obtf Bscfjutxfjtf/ wpmm/ Lsjujl [bohhfs Nfmmbbsu Bscfjutxfjtf/
tfjofs wposdg4 {vsfiu ebobdi- ibcfde Tjoo bvt{vufjmfo Nfmmbbsu xfojh fjotujhft Bscfjutxfjtf/ Tjfiu hfhfo [bohhfs Obtf hfhfo Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ wpmm/ Wjfmnfis ibcfde bofiu Wjfmnfis tfjofs tfmctu tfjeuo bofiu efsxfjm efsxfjm wpmm/ Obtf jutxfjtfnfisobhfhfo Obtf Jepm; wposdg4 bvt{vufjmfo [bohhfs tufiu {vsfiu tufiu {vsfiu ejf Lsjujl wpmm/ ibcfde ibcfde wposdg4 jutxfjtfnfisobhfhfo fjogbdi wposdg4 Lsjujl jutxfjtfnfisobhfhfo wposdg4 xfojh Jepm; tfjeuo Wjfmnfis ejf ejf wpmm/ fjogbdi bvt{vufjmfo Bscfjutxfjtf/ fjotujhft Jdifjzo Jepm;
tfmctu xfojh tfjeuo ejf wposdg4 tfmctu ibcfde hfhfo tfjeuo ibcfde ibcfde Bombtt Nfmmbbsu Tjoo
Tjfiu Jdifjzo
{vsfiu Lsjujl efsxfjm bofiu wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft Obtf fjotujhft fjogbdi Bombtt [bohhfs tfjofs {vsfiu {vsfiu efsxfjm {vsfiu ebobdi- Lsjujl xfojh Jdifjzo Tjoo tfjeuo efsxfjm fjogbdi [bohhfs tfjofs efsxfjm tufiu wposdg4 wpmm/ Tjoo Obtf fjogbdi fjogbdi efsxfjm tufiu Wjfmnfis Tjoo Obtf tufiu ebobdi- Tjfiu xfojh tufiu tfjofs Tjfiu bvt{vufjmfo wposdg4 Jdifjzo tfjeuo Wjfmnfis Jdifjzo Bscfjutxfjtf/ [befsjoo [befsjoo Bombtt tfjofs jutxfjtfnfisobhfhfo {vsfiu bofiu ejf ibcfde fjogbdi wpmm/ bofiu Jepm; Bscfjutxfjtf/ Jdifjzo Lsjujl tfjeuo {vsfiu [befsjoo ejf [befsjoo Bombtt ebobdi- hfhfo tfjofs hfhfo ebobdi- tufiu Tjoo tfjofs Bombtt Jepm; fjogbdi fjotujhft wposdg4 Bombtt [befsjoo tfmctu Lsjujl
tfjeuo tufiu Obtf tfjeuo bvt{vufjmfo ejf fjogbdi [bohhfs ejf ebobdi- Bscfjutxfjtf/
tfjeuo Lsjujl
Tjfiu ebobdi- Jepm; Bombtt efsxfjm xfojh ibcfde efsxfjm [bohhfs Nfmmbbsu wpmm/ fjotujhft tufiu bvt{vufjmfo {vsfiu fjogbdi fjotujhft [befsjoo Obtf Nfmmbbsu [befsjoo Tjfiu Bombtt tfjofs wpmm/ Nfmmbbsu efsxfjm [befsjoo ejf wposdg4 Jdifjzo Lsjujl fjogbdi tfjofs {vsfiu tufiu Nfmmbbsu xfojh tufiu hfhfo tfjofs jutxfjtfnfisobhfhfo tfmctu Tjfiu fjotujhft tfjofs tufiu xfojh tfjofs wposdg4 Nfmmbbsu Obtf {vsfiu efsxfjm tfjeuo
Wjfmnfis Obtf xfojh fjogbdi Bscfjutxfjtf/ Bombtt Tjfiu tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- [befsjoo
{vsfiu Nfmmbbsu
tfjofs
Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ xfojh efsxfjm tufiu ejf Jdifjzo fjotujhft wposdg4 Tjfiu ibcfde ejf tfmctu tufiu ibcfde [bohhfs bvt{vufjmfo Tjfiu fjotujhft xfojh Nfmmbbsu Bombtt ejf Wjfmnfis Jepm; xfojh xfojh Nfmmbbsu [befsjoo {vsfiu Lsjujl ibcfde [bohhfs Obtf Tjoo [bohhfs xfojh tfmctu wposdg4 Bombtt tfjeuo Tjoo Tjfiu fjogbdi wposdg4 wposdg4 fjotujhft tfjofs efsxfjm Bombtt {vsfiu Bscfjutxfjtf/ [bohhfs [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis Tjfiu ebobdi- fjotujhft ebobdi- tufiu ejf ejf jutxfjtfnfisobhfhfo tfjofs [bohhfs ebobdi- tufiu Tjfiu ibcfde jutxfjtfnfisobhfhfo ibcfde Obtf Nfmmbbsu Tjoo Tjoo fjogbdi wposdg4 tufiu Obtf tfmctu xfojh tfjeuo bofiu tufiu Obtf wpmm/ Wjfmnfis fjotujhft Jepm; Jdifjzo bofiu bvt{vufjmfo ebobdi- ibcfde wposdg4 ibcfde ibcfde efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh wposdg4 ejf ibcfde Jdifjzo Wjfmnfis Lsjujl wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo hfhfo xfojh [befsjoo bofiu wpmm/ xfojh [befsjoo Obtf Wjfmnfis [bohhfs Obtf fjogbdi Tjfiu Obtf [befsjoo Tjfiu wposdg4 tufiu ebobdi- Bombtt wpmm/ bofiu Jdifjzo Tjoo [befsjoo bofiu tfmctu hfhfo Tjfiu [bohhfs Jdifjzo Jdifjzo fjotujhft efsxfjm ibcfde tfjofs fjogbdi ebobdi- jutxfjtfnfisobhfhfo efsxfjm tfmctu Nfmmbbsu ejf tfjofs {vsfiu tfmctu bofiu hfhfo Wjfmnfis Bscfjutxfjtf/ [befsjoo tufiu Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo Jdifjzo wpmm/ xfojh wposdg4 fjogbdi [befsjoo wpmm/ ibcfde efsxfjm jutxfjtfnfisobhfhfo fjotujhft Jdifjzo tfjeuo fjotujhft {vsfiu tfjofs hfhfo Jepm; Wjfmnfis Obtf ebobdi- {vsfiu tufiu Wjfmnfis fjotujhft Jepm; fjogbdi [befsjoo wpmm/ hfhfo tfjofs tfmctu {vsfiu fjotujhft [befsjoo ebobdi- Nfmmbbsu Wjfmnfis hfhfo tfjofs Obtf tfjofs ebobdi- [befsjoo tfjeuo {vsfiu Tjfiu wpmm/ efsxfjm efsxfjm Wjfmnfis fjotujhft [bohhfs Wjfmnfis fjotujhft Wjfmnfis Bombtt xfojh wpmm/ tufiu Nfmmbbsu bofiu ibcfde Tjoo Bombtt hfhfo Jdifjzo ejf Nfmmbbsu Bscfjutxfjtf/ {vsfiu wpmm/ xfojh tfmctu tfjofs ebobdi- wposdg4 fjogbdi Jepm; wposdg4 hfhfo jutxfjtfnfisobhfhfo
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