Highly unlikely nearly half of the 232k government employees get fired in one fell swoop. although it might not be a bad idea. That number probably includes municipal employees. Could probably also find out how many unsecured loan customers work for the government and whether BPOP has considered government belt tightening in their lending policies. BPOP well equipped to deal with a higher unemployment rate, as it has already done so. Plenty of capital to deal with problems that come up.
BTW, PREPA giving away electricity across the country. Plenty of fat to be cut there without shutting down productive parts of the economy.