WI Victor Emmanuel III of Italy abdicates in 1943?

OTL Victor Emmanuel III of Italy transferred most of his powers to his son Umberto in 1943 and abdicated in 1946, one month before the referendum on the monarchy. If he had abdicated in 1943, could he have saved the monarchy? What would be the effects on Italy?
 
It very well might.
The referendum was quite close to begin with and the main argument the republicans used was that the King had allowed fascism to rise.
That argument has just been severely weakened (Umberto didn't do anything) if not eliminated entirely.
 
Top