Universe 1 - 2067 Referendum: Switzerland is a vassal state of Italy. Italy has a more active government, is more conservative, and has executive elections while Switzerland doesn't anymore. Does Switzerland join Italy?
Italy has no legitimate claim to completely annex Switzerland. I would understand them taking the Italian cantons of Switzerland, but most of Switzerland is closer to German in culture, and the different cultures joining Italy would not fare well in Italy, as they have no experience controlling people of an outside culture.
Italy has fascistic tendencies.
Their new leader is more of a conservative than a Fascist. He's the first leader in years that hasn't threatened to eliminate elections.