The Serbs come to the realization that Greater Serbia is inherently more stable than Yugoslavia, so they let Italy have all of its Treaty of London claims. With one third of Croatia going to Italy and another third going to Serbia, it’s decided that Hungary can keep the remaining third so it can have a port. Hungary is still upset over Trianon, but retaining a coastline reduces the irredentism. The Kapp Putsch succeeds and the Kapp regime denounces the Treaty of Versailles and severs reparations, then prepares to invade Poland. France and Poland strike first and force an unconditional surrender on Germany, which had been thrown into chaos from the coup and hasn’t had enough time to re-arm after denouncing the ToV. Kapp and the rest of the Junkers and ultranationalists who supported him are hung, and the sting of losing twice in a row discredits irredentism and militarism. Anschluss is still forbidden, but an economic union with Austria is allowed if Germany agrees to keep up reparations payments. Neither Austria nor Hungary were made to pay reparations on the grounds that their massive territorial losses were reparations.
