Britain needs to invest billions of dollars in defending the Falkland Islands, or it risks losing them to Argentina, says a new report.

"Virtually all Latin America now support Argentina‟s claims over the "Malvinas‟ as, seemingly, does the Obama Administration, with even Mrs Clinton now referring to the islands as the Malvinas," laments the report.

Argentina refers to the disputed lands as the Islas Malvinas. Britain calls them the Falkland Islands.

The islands are under British rule, but Argentina regards them as stolen territory. Argentina invaded in 1982, but was soundly defeated.

The report concludes that the islands are a "plum ripe for the picking" should Argentina contest their sovereignty.

It also notes that recently discovered oil makes the islands a more valuable territory, especially to China — "a new friend of Argentina."

The study was performed by the United Kingdom National Defense Association (UKNDA), and the Guardian reports it will hold weight because it has been compiled by five grandees of defense.

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