Let's say that there is an incident between Italy and Spain to the point where war is unavoidable. Who would win in this scenario? Would the Italians try to take any colonies?
My thought is maybe the Italians would take the Balearics and then make hit-and-run attacks on the Spanish Mainland while trying to pick off Spain's colonies. Spain will probably lose the Balearics, Spanish Morocco and Equatorial Guinea, but they really have no reason to take them, unless events in China or Central America are favorable for further expansion.