As Italy, I realized with both France and Russia bearing down on me, I was going to have to occupy some position that neither of them would want to risk falling into the other's hands.... i.e. Ionian and Venice. I figured if I could get back to those before France rolled me, I'd survive, even if my outlying positions fell down. I figured that Russia wouldn't take both Trieste and Greece away (was surprised that he left both, but then realized they made a perfect bludgeon to make sure France drew).
Earlier in the game, Hellalt and I had a fairly good tacit alliance, but he gambled that he'd be able to break me before Russia got involved, and once that happened, it was difficult for me to get back to a point where he and I could trust him. He threw the dice on that one, and lost, but it could have gone the other way.