The real difficulty is how to put together the alliances.
The only reasonable way I see is Bismarck managing to keep together a bit longer the Three Emperors alliance (which is theoretically possible: one of the reasons for the Russo-German fall out was Bismarck's decision to increase the tariffs on Russian grain, and it was the political price he had to pay for the Junkers' support in parliament. This decision might go differently, and Wilhelm II might listen to the voice of reason but this is already quite harder. In the end the Russo-Austrian interests in the Balkan will collide, but there is no Franco-Russian Entente in 1893). When the Russo-German-Austrian alliance collapse, Germany must make the rational choice of selling the Austrians down the river and keeping the Russian alliance (which would make also Italy much happier).
Putting together France and Austria is a bit more counter-intuitive (why should France get shackled to a country surrounded by enemies? Rationally, France should bend over backward to get some kind of agreement with UK, whatever the cost in terms of colonial spoils). Maybe the British will become even more worried by the Russo-German alliance to agree to open discussion earlier than it happened IOTL and there could be a separate Franco-Austrian alliance treaty.
There would be a lot of butterflies coming out of this reversal of alliances (no French investment in Russia, for one. Probably no Russo-Japanese war, since the railway to the far east will be delayed: a negotiated agreement in Korea. Russia develops at a lower pace with German loans, but it is not necessarily a bad thing. No Russo-British agreement in Persia). IMHO an equivalent of the Balkan wars will happen anyway, and it is much likely to be the spark for the general European war: once again a desperation move by Austria, intervening in support of the Ottomans. The first decade of the 20th century will be a very nervous one, and war in Europe may come earlier than IOTL.