You may see equal success with either plan, such is the weakness of Russia against Germany. However, since you can smash them early or later, you should do it early before they have any chance to consolidate and grow–you have no way to reach threshold income (60+) without Russian territory, and if you take it, you take it away from them and for yourself, a double whammy. Once you have control of 2 of his factories you are flooding tanks into this front, that moment should be as early as possible rather than building your own fleets or factories in order to do it later.
Early Barbarossa
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I guess I play from a very different stand point then most people I guess. I can see the advantage of attacking places like Greece and Yugoslavia, I always prefer the Italians to take the Balkans. Gives them a bit more of an economy that they can “walk to” rather then having to spend their limited IPCs on trying to control Africa. So I could see Italy doing alot of can opening for Germany on the eastern front, in my games. I also tend to have the Germans take southern France on G1, this allowing them to have an IC to produce units directly into the Med to support. Another thing I’ve seen done with Germany that I have to say is very effective, is having the Germans attack Yugoslavia on G1, but only doing 1 round of combat and retreating to Romania. This weakend the Yugo forces, and makes it easier for the Italians to take it on I1, but it also allows Germany to move the 6 infantry in southern Germany right to the eastern front to use on G2.
By attacking Yougo / Greece though, the tanks need to contribute or the progress in Africa is being slowed down. I see moving the 2 italian tanks in position to take Baltic states at I2 very important strategically.