Maybe one should better say: ...and SHE won't be pretty. :-)

No, this is the point of this sentence testing semantics and syntax of languages.

But the ambiguity adds some humour somehow.

No ambiguity. "It" refers to the situation, not to the president.

Clearly people are having difficulty understanding the original English sentence, which is leading to the ridiculous translations.

I'm from Britain and without context I don't fully understand the intended meaning of 'it won't be pretty'. Perhaps you might explain, Gleki, and then you'll get better translations.

@gleki, I think Manfredo was only adding this comment for humour purpose, not as an actual "correction"

@Chainy, "it" refers to the previous sentence, not to the person.

@sysko, I hope so.

@gleki. 'it' actually refers to the previous clause, not sentence. But that doesn't help anyone understand what exactly you mean by 'not pretty'.

@Chainy
It's nice that you understand the problems non-native speakers have in understanding such sentences, because they dont't have "something concrete to grasp onto."

@all
It would be nice to have another English sentence paraphrasing the first one in more explicit words... some thing an official spokesman would say, for instance.

@al_ex_an_der, i had a go at your suggestion.
interested if you (all) think this is a fair paraphrase.