Turkey started EU entry talks in 2005, but Cyprus has repeatedly used its position in the EU to block the opening of chapters, or areas to negotiate to ensure policies meet EU standards, as a pressure tactic on Ankara.

VOA: standard.2010.04.15

This contrasts directly with the US position, opening up the possibility of trade disputes similar to the lengthy and costly row between the EU and US over genetically modified foods.

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Scant open interest levels at each of the strikes mentioned indicate the spread is an opening position.

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Perhaps Mr Hollande, boosted by a successful trip to America, is setting out a tough opening position ahead of the June summit.

ECONOMIST: Charlemagne