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One of Italy's goals with the Spanish intervention was an annexation of Ceuta and the Balearic Islands.
The Italians directly occupied Majorca and the Italian administrator there went so far as to start renaming streets. When a continental was looming, the Italians opted to withdraw and prepare their forces for potential conflict to the east.
What if the Italians played Switzerland in the broader great power political struggle and focused on consolidating their Spanish gains?