What is the version of the following sentence with correct punctuation?

The democrats will either work directly towards a federated republic or at least if they cannot avoid the one and indivisible republic they will attempt to paralyze the central government by granting the municipalities and provinces the greatest possible autonomy and independence
The democrats will either work directly towards a federated republic, or at least, if they cannot avoid the one and indivisible republic they will attempt to paralyze the central government by granting the municipalities and provinces the greatest possible autonomy and independence.