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If Italy remains neutral in WWI, does Austria-Hungary make a separate peace in 1917?

Basically, I have read on another thread here that Kaiser Karl wanted to make peace in 1917 but that a significant obstacle to doing this was Italy's large-scale territorial claims on Austria-Hungary. Thus, what if--for whatever reason--Italy would have remained neutral in WWI? Would Austria-Hungary have then been able to make a separate peace in 1917?

Also, if so, what exactly would the consequences on this have been on WWI, the post-WWI peace settlement, and the decades after the end of WWI?
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