Effects of the Salonika and Italian Fronts collapsing

Now, hypothetically what would the greater effects of Entente forces being completely routed on both fronts, other then Italy and Greece exiting the war possibly.
 
Now, hypothetically what would the greater effects of Entente forces being completely routed on both fronts, other then Italy and Greece exiting the war possibly.

-troops & supplies freed up for other fronts
-A-H stabilzes
-Mittlemächte occupy Northern Italy ->control italian industry (but probably lacking raw materials) and some of its most fertile land -> their supply situation improves slightly
-new secondary front at the French-Italian border
-British occupy Greek isleands
 
Now, hypothetically what would the greater effects of Entente forces being completely routed on both fronts, other then Italy and Greece exiting the war possibly.

Italy exiting the war would become neutral, rather than swap sides, and whilst its industry would be at the disposal of the Central Powers (by treaty) there won't be transition of troops or a new front in the Alps

Greece on the other hand would probably see a royalist coup and enter the Central Powers side of the war

You HAVE TO factor in the blow to Allied morale and the lift to Central Powers morale. Italy going out will make it seem to the people of France and Britain that a general collapse may be only so far off. Industrial unrest, strikes, etc would rise

Beset Rearguards
Grey Wolf
 
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