The Original Poster!
Fine example of this famous Vichy France / anti-British Nazi Propaganda poster.
The image depicts Winston Churchill as a voracious hydra with tentacles grabbing key sites of British involvement in the Second World War. The cutting of these tentacles reflects the defeat of the British imperialist activities in Norway, Germany, Syria, Somalia, Libya, Mers el Kebir and Dakar by Axis forces.
The image is a fine example of anti-British propaganda produced under the French occupation after Germany defeated France in 1940. “SPK” (or “PSK”) appears on a number of other anti-British posters produced at the time, although the organization is not known.
The strategic locations singled out on the map are meant to appeal to the emotions of the French people. Fresh in the public consciousness were Britain's controversial campaigns against German expansion in the French colonial sites of Dakar and Mers-el-Kébir, which left many Frenchmen dead.
The English translation is "Be reassured, the amputations (of his tentacles) are proceeding methodically".
The original poster is very scarce, especially in such good condition.
A reduced size reproduction from 1960 of this image appears occasionally on the market.