[smc]

Originally Posted by violet lightning

If Hitler hadn't invaded Russia or started the Battle of Britain (the precurser to Operation Sea Lion-the German invasion of Britain) he might have acheived "victory" by keeping what he had conquered up until then. (virtually all of Europe, North Africa, etc) Hitler didn't relish invading Britain, so its possible that they might have reached an agreement or stalemate at least.
After Dunkirk, the Brits and Allies (before the US joined) were pretty beaten up. (But of course not defeated)

Now we are getting into a different realm: how is "victory" defined by the different players.

I believe that for Hitler, despite that he "didn't relish invading Britain," victory was defined by domination and colonization that extended far beyond what he "had conquered up until then."