Okay, so NATO vs. Soviets vs. fascists isn't exactly a new idea. But what about this- instead of Nazi Germany holding on, what if WWII didn't involve Italy? For some reason Mussolini either makes peace or doesn't involve himself with the Axis. After the fall of Hitler, Italy forms a "Corporatist International" or some other name with a synonym for fascism. This ends up being an alliance of the Latin authoritarian regimes from Italy to Iberia to Argentina, all against both NATO and the USSR (but ultimately far less powerful than either). However, they continue to participate in influencing the rest of the world.
Is this a viable scenario?
Not impossible. The very nationalistic aspect of fascism makes it difficult to have any real "International" other than enlightened self-interest - "If you block the UN resolution against me and I will do the same for you". And that is both easy, useful and cheap.
My suggestion of a POD: some time after Ethiopia Mussolini (for once) listens to the experts and decides to keep away from Hitler and start searching for oil in the italian colonies. During WW2 oil is found in Libya, and Italy becomes far stronger (but is still not tier one and plagued with regional differences, low education level, non-realistic military etc).
After WW2 Spain and Portugal have an alternative to alliance with the US and allies (more or less formal) with Italy. It hurts NATO, but not so much. It will have som fairly huge effects on the early formation of the EU. Some Latin American countries may join after 1945 - but I doubt South Korea (wrong part of the world, religion and a dangerous neighbour). Haiti is possible - or South Africa. Both would be fun to see, but almost impossible.
Fascism / cooperativism / non-democracy is a realistic alterantive far longer than IOTL, but sooner or later the fairly clumsy dictatorships will fall. South Africa can't run apartheid much longer due to demography - but with Italian oil, spanish immigrants and blocking of UN trade sanctions they may survive some more years.
Decolonization in Africa will be far bloodier, if only that Italy hardly will let go of an oil-producing Libya. But both Spain and Portugal can't keep their colonies forever and probably destroy their fascist governments.
The history will mainly be as IOTL, but with some local big differencies (internal italian policy, the EU lacks 1/6 of its founding members - it must mean something).