A Several-Way Cold War

I liked it. But two things:
1. You are moving too fast. There's plenty of time for things to happen and happen differently after you PoD and you fast-forwarded to 1976 in a few paragraphs.
2. There's no reason why things in Portugal and Spain would happen so similar to OTL until Nazi intervention. I'm not saying that the 3rd Reich wont get troubles keeping their cliens in line, just that there's no reason events would run this much parallel to OTL.
Also also the Spanish King wouldn't DO things like in OTL. Crushing the coup in Portugal was already TTLs Prague Spring, afterwards he'd know that the Nazis will try to stop any reform attempt with force and either hold of or make preparations to resist. If I were in his situation, instead of trying to replace the Prime Minister, I'd first try to get reform minded people in the middle-management of the Army and Civil Service. Change their institutional culture, while the top brass lets the Nazis see, what they want to see. Then contact the Anglo-Amerian alliance via some Diplomats I can be sure will keep their mouths shut and only make my move once I've laid the groundwork.
 
Part 4: The War of the Southern Cone

In 1973, a U.S. backed coup in Chile against the Soviet-leaning
government of Salvador Allende failed. This was due to divisions
among the coup plotters between pro-U.S. and pro-German factions
and significant Soviet and Chinese support. Allende used the coup to
establish a dictatorship in Chile, the consequences of which, no one would guess.

In 1981, Peru went to war with Ecuador over a long disputed region
of territory. Backed by Japanese aid, the much larger Peru had Ecuador
on the ropes by the April of 1982. Only limited U.S. support over concern
about Axis influence in South America, kept Ecuador in the fight.

After Argentina invaded in Falklands, Peru allied itself with the country.
An influx of Argentinian aid allowed Peruvian forces to capture Ecuador's
capital Quito by April 21st. At the same time both nations asked to join
the Axis to deter Britain from retaking the Falklands. However, neither
Germany, nor Japan wished to risk a war with Britain over some islands.
In desperation, the two countries declared war on Chile on May 1st after
British troops took back South Georgia. This forced the Axis' hand as Germany
and Japan could not afford to let a Communist Chile gain power if Peru and
Argentina lost. Even with both countries members of the Axis, Britain still
invaded the Falklands on May 21st. By June 14th the Falklands were British
again and Chile had repelled the Axis invasion. To prevent total defeat, Germany
launched a nuclear missile from South Africa to destroy Santiago on June 20th, killing
Allende. In response, Britain destroyed Buenos Aires with a missile launched from the
Falklands. The United States then intervened to prevent the situation from escalating
further. A ceasefire was declared, with Argentina and Peru agreeing to withdraw from the Axis.
 
The Axis didn't take control of the Levant, only the east side of the Suez Canal. Soviet aid was sent through the Black Sea and the British discouraged the Germans from intervening.
 
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