What if Italy agrees to peaceful transfer of Libya from the Ottomans in 1911? Knock-on consequences?

raharris1973

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Apparently, shortly before the war actually started, the Ottomans became willing to allow Italy to occupy Libya and administer it under the same legal fiction as British Egypt (it is formally Ottoman, but the Italians really run the place).

But, the Italian government thought that gaining it by war would be more "glorious".

What if Italy and the Ottomans made the deal, and thus did not get into a war.

Immediate consequences seem positive for the Italian budget and military.

Likewise for the Ottomans.

In 1912, does the Balkan League dare attack the Ottomans, if they had not been distracted, exhausted and defeated at sea for a year by the Italians?

If the Balkan powers don't attack in 1912, do they do so a couple years down the road?

If they do attack in 1912, do they succeed to the degree as in OTL, reducing Turkey-in-Europe down to eastern Thrace?

If the Balkan wars do go similarly to OTL, and we end up with WWI as we know it starting in 1914, do the Italians, less exhausted/indebted from the previous war, join WWI earlier and/or fight more effectively when they do join the war, possibly leading to Austria-Hungary getting beaten before even Russia?
 
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