Ravna Gora, November 24th, 1940
Draza Mihilovic had escaped the destruction of Yugoslav forces in Bosnia at the head of a few dozen men. Over the past month his small force, by now reduced to 7 officers and two dozen men had reached the mountains of central Serbia, but were now faced with a dilemma. Surrender to the Italians, rather the Hungarians occupying the area? March on to try slipping through the frontlines and join the Serb army still fighting to the south? Fight on against the occupation army? Surrendering or disbanding was out of the question. Joining the regular Serb army which Mihailovic would have preferred by inclination, impractical. And thus the "Yugoslav Army in the Fatherland" was born.
Kos, November 26th, 1940
The Italian 10th infantry regiment defending the island surrendered to the Greeks. By now only Leros stood. But it was already under attack and mostly occupied by naval personnel with only a single army battalion in the island.
Prilep, November 27th, 1940
The Italian army entered the town. Over the past three weeks the Italians, Bulgarians and Hungarians had managed to push the Yugoslavs and the Greeks that come to their aid south. And yet Theodore Pangalos, turned allied commander of the Balkan front by the simple expedient of commanding the largest allied army left standing had reasons to be content. In three weeks the Axis armies had suffered nearly as many casualties as in the rest of the campaign and the remnants of the Yugoslav army had managed to retreat in one piece and even catch their breath as allied armies pulled back towards a line that could actually be held.
Cape Spartivento, November 27th, 1940
Ten days earlier the Regia Marina had failed to intercept the British reinforcing Malta with aircraft but had at least managed to disrupt the operation. Now the British were back in force, with admiral Somerville in command of HMS Ark Royal, Resolution, Ramillies, heavy cruiser HMS York, 4 light cruisers and 11 destroyers, covering a new convoy to Malta. His Italian counterpart Inigo Campioni in command of Littorio, Vittorio Veneto, 6 heavy cruisers and 14 destroyers had been given orders to seek battle if facing comparable or inferior forces, after the fiascos at Taranto and the Dodecanese it was imperative for the navy to show it was active both for the shake of its own morale and to maintain its political position... and budget. Even if reluctant Campioni engaged. The two hours engagement that would follow would see honours split about even. HMS Resolution would be severely damaged by 16in fire, HMS York sunk and HMS Manchester moderately damaged but the Italians would also lose heavy cruiser Trieste and the destroyer Dardo, while Ark Royal's Swordfish despite heavy casualties from anti-aircraft fire would manage to torpedo Littorio. At that point Somerville retired his squadron only for Campioni to fail to press home his advantage and retire as well, fearing the damage suffered by Littorio. The battle would be still hailed, not without reason, as a victory in Italy, Teleuda would be given as a ship name post-war. Someriville on Churchill's insistence, would go through a board of inquiry for retreating only to be fully exonerated and remain in command.
Southampton, November 30th, 1940
Luftwaffe bombers hit the city. They would be back the next day. But for all the casualties they were inflicting on the British civilian population and the damage dealt on infrastructure it was a losing contest for the Luftwaffe. German aircraft numbers were actually lower than they were back in August and while in October the Luftwaffe had flown 8,200 bomber sorties against Britain losing 96 aircraft, in November it had managed only 7,000 losing 113. From the start of the battle the Germans had lost 1977 aircraft to 1675 RAF machines. [1]
Ohrid-Doiran line, December 3rd, 1940
The Axis advance south had first slowed to a crawl. Now it had been stopped cold. The allies had had to shift two Greek infantry divisions from Thrace, in addition to the Polish and Free French divisions from Constantinople but it was the result that mattered. And the result was that the Italians and their allies had been stopped all along the front after suffering over 49,000 casualties for about 31,000 allied casualties, while a Yugoslav army of slightly over 225,000 men had escaped to fight on. Prospects for the future as long as neither the Turks nor the Germans intervened looked good...
Leros, December 4th, 1940.
The Dodecanese campaign were over. Out of 34,000 men, 73 aircraft and 7 destroyers and large torpedo boats, the only ones not lost had been the ones that had managed to escape to Turkey. There the ships and aircraft had been "sold" to Turkey. So had Goeben in August 1914...
Sidi Barrani, December 9th, 1940
The Western Desert force, with 36,000 men and 275 tanks supported by 142 aircraft under general Richard O'Connor begun what was supposed to be a raid against Italian positions in Egypt. Decisive results were not likely after all the Italians had available 7 infantry divisions with 150,000 men. The anticipated results would quickly prove wildly pessimistic...
Berlin, December 13th, 1940
Germany had been reluctant over expanding the war to Yugoslavia and the Greece, although given the pro-allied stance of both had not raised any objections over the Italians dealing with them. Yugoslavia had indeed been dealt with in reasonable fashion. Greece was proving a bigger issue and king Boris III of Bulgaria hadn't lost any time asking for German military aid to break through Greek fortifications. War Directive 20 confirmed the decision to intervene. The details of intervening would be trickier. The Belgrade-Thessaloniki railroad was already being used to capacity to keep the Italians in supply, part of the Italian supply needs were covered by way of the Bulgarian railroads. Adding the needs of the Bulgarian army over two thirds of Bulgarian rail capacity was already in use. What remained barely sufficed to supply 3 to 5 divisions. Of course the Hungarians were getting increasingly cold feet over keeping their army in the frontline...
[1] Which means that overall the British have 174 aircraft surplus to OTL