The game has certainly got very interesting from as a spectator sport!
There are so many possible scenarios. Germany by itself can probably take out England/France, but it's going to take them too long to do so. It would be in Germany interest to make a deal with France to carve up England between them, and this would free up the French to grab some of Italy, and would allow Germany to grab a piece of Austria.
The big winner this turn in the South are the Turks who got a valuable foothold in the Balkans, and if their alliance with Russia holds, then they can carve up Austria together. Of course if Russia takes Trieste, then Turkey is blocked from Central Europe and could go after Italy, and leave Venice to the Russians too.
So if France/Germany don't ally against England, they will soon be faced with an Austrian-fed Russia and an Italian-fed Turkey, but will France break ranks and abandon England??
Of course the longest enduring treaty has to be the non-aggression pact between Germany and Russia, which so far has worked for both very well. If Germany can't get a deal with France, and continues to battle for North Sea dominance, then it exposes a very soft underbelly to Russia, which may be too tempting to not stab?!
If France/England were to ally with Russia against Germany, it could be hard going for Germany, unless they made a deal with Turkey.
Also will the Russia/Turkey quasi-alliance hold, who knows? If Italy/Russia can get France to join them, they could take on Turkey, but this seems unlikely?
So does Turkey do a reverse Lepanto and make for Southern Italy/Tunis/Iberia or what? Obviously if they can't get a deal out of Russia, then they may face them in a few turns as enemies??
Is a Turkey/France alliance possible, that divides up Italy, and halts a Russian advance to the Adriatic - as surely if the Russians got there first, they could capture the Balkans easily, and pose a danger for Turkey?!
BTW, I hope I'm covering some of the options that Zvi can't, as he is actively in negotiations over them??