Cryhavoc101
Donor
I agree on everything you wrote, but I'd like to mention that not having Italy in the war is an advantage for Germany. No distractions, and peaceful Balkans.
Naturally there are less distractions for the French, too. After Italy remains on the fence for a month or two, and the Germans advance, albeit slowly, the French will be forced to remove troops from the Alps and possibly from Tunisia. If Italy still doesn't jump down the fence, this will be good news for France and bad news for Germany.
Another significant knock-on is that a Germany that doesn't trash France in six weeks is less convincing when it comes to bully the Romanians, and the Romanians are the ones having the oil Germany needs desperately at this point.
Not having Italy in the war is a massive advantage for Britain! No North Africa, East Africa, Destabilised Middle east, Greek expeditions 'Verdun of the Med' etc not to mention the Med is open for bussiness!