The cartoon by Dave Brown from The Independent shows Italian prime minister Silvio Berlusconi playing what looks like a cello in the form of a scantily-dressed woman. The woman is inspired by Le violin d'Ingres, a work by 20th century American artist Man Ray. In the background we can see the Colosseum in flames.
To understand the cartoon you need to know the idiom fiddling while Rome burns, which means "to occupy oneself with unimportant matters and neglect priorities during a crisis". The origin of this expression is the story that Nero played the fiddle (violin) while Rome burned, during the great fire in AD 64. In the modern version, the Italian economy is in serious financial difficulty (its credit rating has just been downgraded), while Berlusconi pursues his unashamedly promiscuous lifestyle (he recently boasted of sleeping with eight women in one night). Given Berlusconi's history of corruption charges, there could also be a play on the word 'fiddling', which means 'to get money dishonestly'.
• Economy enters 'dangerous phase' (BBC News)
• Berlusconi boasts of sleeping with eight women in one night (The Independent)
• Fiddling while Rome burns (The Phrase Finder)