The article introduces Hungarian diplomacy with special attention paid to Austria and Italy in the early 1930s on the basis of unpublished Czechoslovak, German and Austrian resources and published Austrian and Czechoslovak resources. The Hungarian foreign policy co-established by the Prime Minister Istvan Bethlen desired to increase collaboration on the Rome-Vienna-Budapest axis which was to prevent isolation of the country and reinforce its revisionist requirements. There were advantageous political and economical conditions for such collaboration between the concerned nations in their desire to break the post-war status quo. The second part of the essay analyses Hungarian attitude towards the German-Austrian customs union. The standpoint of the Danube state was determined by two circumstances - attitudes of the local agrarian circles and of the most significant ally - Italy. Although the scheme may have brought a certain degree of revival at the time of catastrophic impacts of the world economical crisis, the Hungarian government assumed a wait-and-see attitude focused on acquiring political concessions. The article concludes with an analysis of Bethlen's reasons for resignation in August 1931.
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