What would happen to Italy if the CP win?

Germany never starts unconditional submarine warfare. So the US remain neutral. The French are struggling to hold the Germans and Germany can send more
troops to help A-H. In 1918 the Italien front collapse and italy asks for peace. With another major ally gone the entente made peace.

Dont forget how unstable Italy was IOTL
 
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Most likely Austria gets favorable border adjustments, and Italy gives reparations. Maybe a DMZ in the Venetia Region. Depending on German naval power, Germany might take the colonies.
 
The rose years become significantly more... thorny as the Italian establishment sees its credibility collapse and the spine of its power, the army, lies shattered with its remaining ranks mostly conscripts of a more leftist persuasion than the drilled, professional forces of the pre-war era. I fully expect labor unrest in the industrial triangle that might even require French assistance to put down.
 
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