Worst possible outcome of the winter war

Finland: The Soviets are able to effectively mount an offensive on all "four" fronts in the first week of the war. Had the Soviets been able to push Finnish forces out from Tolvajari then they could have come around the north bank of lake Ladoga and have taken the Mannerheim line from the rear. Had that happened then it would have been likely that Finland would be fully occupied and absorbed into the Soviet Empire.
Soviets: If Finland was able to get more supplies (especially artillery ammo) or more foreign aid (France promised to send 50,000 troops, Soviet pressure frightened Sweden off) plus an early thaw then a continued invasion would become much more difficult. During the last month of the war, Finnish artillery batteries had very limited amounts of ammunition and were told to fire only in dire circumstances.
Finland was also running out of men, They had taken ~70,000 causalities which was a sixth of their army, the economy was starting to crumble, and they just didn't have many more men or equipment to throw into defensive positions.
 
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