It sounds like Borat, but it's real-life Romania.
TVR3 Verde, a television channel for rural communities, presented the carol on December 5 during its maiden transmission.
Sung by the Dor Transilvan ensemble, it featured the lyrics:
“The kikes, damn kikes, Holy God would not leave the kike alive, neither in heaven nor on earth, only in the chimney as smoke, this is what the kike is good for, to make kike smoke through the chimney on the street.”
And here's Borat, which in trying to be comically offensive, is actually less outrageous (and he gets some Texas yahoos to join in):