This chapter suggests that two key dimensions of French policy towards Italy before July 1940 presaged that developed by Vichy in the period thereafter. The first was an underestimation of the significance of ideology in Mussolini’s actions. The second was an overestimation of the French ability to control and manipulate the Italian government. The two strands led to an erroneous belief that the French government might be able to drive a wedge between Mussolini and Hitler and that the former might be induced to act as a moderating force on the latter. The armistice negotiations of June 1940 not only sealed the overwhelming domination of Germany but they also inaugurated an ambiguous relationship between Italy and France. The relatively moderate Italian terms were at odds with Mussolini’s ambitions and sent mixed signals about Italian intentions. The armistice negotiations sowed the seeds of a future French strategy of seeking to play the Germans off against the Italians, but it also marked the start of a French delusion about how much could be achieved from trying to divide the Axis.