Italy's rhymes with:
anomalies, connally's, connelly's, donnelley's, donnelly's, facsimiles, families, families', family's, homilies, monopolies, panopolys, subfamilies, tripoli's
Italy's sounds like:
ideal's, idealize, idealizes, ideals, ideologies, ideologue, ideologues, ideology, idles, idolize, idolizes, idols, idyllic, italic, italics, italish