France already has viable allies in the region - Serbia, who has had an immense amount of favourable press portraying it as the equivalent of Belgium as a martyred nation and Romania, which is likewise viewed as standing up to German militarism in the popular imagination, fighting a war far beyond its mean for high honour etc etc. The French are likely to be highly suspicious of Austria for the simple fact that it is naturally inclined towards Germany and that during the war it effectively subjected itself voluntarily to German control. Therefore they will likely seek allies to contain the German powers, and ensure that they are adequately compensated.
So, I am certain that whatever armistice Austria signs, that will not save them from losing Istria, Fiume, much of Dalmatia, the Banat, Bosnia and parts of Transylvania - those are simply the minimum that can be expected to punish the instigator of the war, whose dynasty is still intact and a threat which binds Italy and Serbia together rather than setting them at loggerheads - with this early armistice, perhaps it would enter effect before the Romanians can re-enter the war, but we can still expect them to receive most if not all regions with a Romanian majority at the Paris Peace Conference - at best these would be confined to the southern and eastern portions of Transylvania proper and the Banat, I cannot see how they can be limited beyond that within the scope of this POD.
