Do I laugh in disbelief, or cringe?

Still flabbergasted by this:

http://news.kathimerini.gr/4dcgi/_w_articles_columns_37_15/09/2009_329323

For reference, that's Georgios Papandreou, leader of the PASOK party, applying the ... makeup.

Is it just me, or is there something fundamentally WRONG with that political cartoon?