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Germany couldn't really be the "arsenal of fascism". However, she did capture assets that might have been of benefit to her allies.

What if she provided captured production lines to her allies and potential allies? For example: Romania building the PZL 37 Bomber, Hungary the Leo451 Bomber, Spain the Dew 520 Fighter.

Some models of aircraft and tanks might not have been worthwhile, but what level of investment and difficulty would be necessary to adapt them to producing more up to date equipment? Either the older models with better engines etc, or for example and S-35 plant producing an entirely different medium tank.
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