The European nations are pulling to switch the European balance to their respective side, while the Italian King Victor Emmanuel III bids his time. That's an Austrian postcard; hence the fairly negative depiction of the Italian King - but the look is sort of accurate as you can see here; to the King's credit, Albert of Belgium was really that tall. As well as the two gallant officers on the right, German and Austrian.

On the other side, the characters are less clearly identifiable and more "characteristic" - of course you have the major powers: Russia, GB and France (with the French already stumbling), assisted by what appears to be a fat capitalist in black and three more generic stereotypes, Balkanic, Arab and Asian.

I can't say if the cartoonist had some specific country in mind, but the general context is the Italian declaration of neutrality in August 1914. A similar take on the issue - this time from the Italian point of view, with the powers trying to pull the Italian King on their side - can be found in many satyrical cartoons from the time.

Italy was, as of August 1914, a member of the Triple Alliance with Germany and Austria-Hungary. But, due to the defensive nature of the agreement and the large unpopularity of an intervention on the side of the Central Empires, it had declared its neutrality soon after the opening of the hostilities.

In the immediate aftermath of the declarations that had brought to a generalization of the conflict, the two coalitions had therefore begun discrete talks with the Italian Foreign Office - the Austro-German side for the purpose of a guarantee of the Italian neutrality, the Entente with the intention of adding Italy to their side.

The Italians could in fact disentangle from their alliance due to an article of the Triple Alliance that had been introduced already in 1887 and established that neither Italy nor Austria could make any territorial gain in the Balkans without the previous approval of the other side. Italy had risen the issue as soon as it was clear that the Austrians intended to proceed with the occupation of Serbia; and thus the Austrians were aware of the risk of an Italian intervention on the opposite side - of course, the cartoonist may not have been informed of the diplomatic details, and was therefore only expressing a certain distaste and concern over the perceived opportunistic attitude of the Italians.