What about generic anti-imperialism or in a "neutral Fascist Italy" scenario, Italian-style fascism?
Generic anti-imperialism sounds like perfect playground for Soviets. Who's running this bloc? What is their objective?
Neutral fascist Italy scenario is possible, but without Mussolini and his decisions in the '30s. Spain, Italy, Portugal, and maybe Brazil and Argentina is pretty strong bloc on paper, but in reality but they would lean toward capitalist bloc. If Italy manage to keep her colonies, especially Libya (because of oil), Italy would become a significant and unavoidable regional player. I wonder how this would affect the policy of the Middle East, considering Suez crisis, etc.
In the end fascism would be abolished, or at least semi-abolished and Italy would become parliament democracy, but Italy would be generally richer than today, with larger territory, more population and probably less pronounced regional differences. Generally, Italy would remain a monarchy and a more stable country during the Cold War period.