This supposes that the Charles IV's march on Budapest starting on October 21st 1921 is successful and he takes the throne once more reestablishing the Habsburg Dynasty in Hungary. Upon doing so he reiterates that he will revoke the Treaty of Trianon as it was signed under duress calling for a new treaty negotiation and maintaining Hungary's claims to any lands lost under the previous treaty. This provokes the already mobilized armies of the Little Entente to immediately invade the country in an attempt to force a regime change. The great powers not wanting to start another Great War sit by merely watching. How does this smaller war likely go? Does Charles have any chance of holding onto his throne, or even a Hungarian victory? Does a victorious Little Entente made of Czechoslovakia, Romania, and Yugoslavia demand even more land in the event of a victory, what kind of government do they install in Budapest? Does Miklos Horthy remain active in politics after this or would he be seen as utterly inept? Basically who do you think wins and why? Does Austria get drawn in? What are the short and long term ramifications of a war like this?
 
Hungary was practically demilitarized at the time - it didnt even have the very modest army the treaty of Trianon allowed it. It has no chance whatsoever.
 
Italy might try to try to use the situation to get an ally in the Balkans to support them against Yugoslavia, they might threaten war to possibly save a revitalizing/revivalist Hungaria to gain land and wealth and prevent a strong little entente from standing in the way of there plans for the Balkans. a Carlist Hungary might try to rearm as Germany and Italy did with a mix of results but will be a growing threat to the states next to it.
 
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