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The photo as it was taken:
Where the photoshopping took place (via Mediaite):
1: Discoloration of man’s face
2: World leader wearing a leather glove on one hand and no glove on the other hand
3: Mysterious hand of PM Thorning-Schmidt
4: Blurry face of man standing behind where Merkel used to be
5: Uh…that’s not a Photoshop, that’s a monster.
[Hat Tip: Yoni.]