Just read Kershaws "Fateful choices" again and there i found long passages about possible peace conditions in 1940. All of them speculative. A lot of talkings but no specifications. Anyone here with more information? Roosevelt send a note and earned laughter. Possible claims are: - France: minor losses of territory = colonies to Germany and Italy, nothing more - Britain: empire survives, minor losses of territory (colonies) -Germany: colonies lost after WW1, Royal Navy (feared by Churchill, but Hitler didn't even want the french fleet), maybe Alsace, Lorraine, Eupen-Malmedy. - Italy: Gibraltar, Suez, Malta, colonies, parts of Southern France. It seems that just Italy made any attempts for a peace in Western Europe impossible. They had done almost nothing, achieved nothing, but wanted the most.