Without wasting any resources on GB post Dunkerque, does Germany gain more by closing the Straits and gaining Central Atlantic bases than it loses in forcing Franco (and Spain) to accept an "occupation"? What is American reaction to the invasion of another nation bordering the Atlantic? Can the Germans beat Spain if it comes to war as opposed to merely heavy-handed diplomacy?
I'm sure North Africa is a lot easier without Gibraltar; Malta falls without support from both ends plus Rommel can be supplied much more effectively. At the same time the Brits have a much harder time maintaining the Mediterranean fleet, and the Eighth Army. Supplies for GB from South America and the Empire become much more threatened by subs and surface raiders employing bases well removed from RAF attack.
Finally, what does Portugal do if this happens?
Thanks.

