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What would it take for Spain to join the Axis at least by the end of 1940?
What would their goals in the war be? Can they overrun the British forces in Gibraltar? Would they attempt/be able to grab some land from France? Would they try to unite the Iberian Peninsula?
How would their participation of the war affect the war itself? How much of a boon would they be to the Axis, and how much will it burden the Allies in retaking Europe? How would Spain be perceived and treated in the post-war world?