Update on my Argentina playtest:
Damaged US Battleship and the transport are sunk by our subs

We took Caracas. Now i have my own oil. More units lost to US marines. Even our armies look weak on defense, i have to try landing them in the mountains to avoid repeated attacks. They americans try to take Chiclayo again but i mobilize about 8 heavy artillery and the attack is rejected.
Then Brazil finally makes peace with US giving me a much needed break. We propose peace and pay 250 gold as war reparations to the americans. They are only annoyed at us. With US out of the war the other two Venezuelan cities fall rapidly. Quito then Bogota are assaulted and taken. We keep the war with Japan in order to keep the mobilization. Forbidden Palace is built in Caracas.
I was just about to relax and evaluate my situation when Brazil declared war again to the US! We try blocking the access to the continent by putting a wall of infantry ahead. However 3 US marines already being in the area escape and enter the jungle!
We delay them with blocking units in the jungle. One of our infantry dies of desease in the jungle and 2 marines escape heading to raze another brazilian city! The situation can not be tolerated much longer and our armies move into positions near every brazilian city. War with Brazil is imminent!
Then an unpleasant surprise from the mexicans comes up! An harmless unescorted mexican transport moves from Atlantic to Pacific. Mexican government assures us they will retreat and mean no harm. It would prove to be exactly the opposite, as they launch a surprise amphibious attack with infantry on poorly defended Iquique and burned the city to the ground! They will pay dearly for this attrocity!! 8 infantry units are landed on the shores. They are destroyed the following turn. Now the Brazilian campaign can start...
Our strategical situation:
It is week 18 1941 (boy, turns surely fly when you're playing a little nation...), we have a measly 3% of world area (still, the 6th largest nation) and 5% of world population. Productivity is 3236, which is 4th place. We make over 1000 GPT and have about 13000 in tresury.
Our armies at this moment:
34 infantry
25 tanks
11 artillery
1 transport
2 submarines
14 destroyers
2 battleships
2 fighters
4 armies (3 with tanks, 1 with infantry)
4 flamethrowers
1 light cruiser
22 heavy artillery
9 garrison
5 heavy cuisers
2 flaks
3 coastal defense ships
1 HMG (i prefer lots of infantry rather than HMG for defense, they lose anyway and are expensive)
I haven't got a clue about other nations' military strength because i didn't build intelligence agency.