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?