In recent years, the stakes in the Falklands dispute have become higher, as vast oil deposits have been found in the waters surrounding these islands. The Falkland Islands government has also sold profitable fishing licenses to European and Japanese companies since the 1980s.
And the U.S. position in this dispute? Well, it's basically to sit this one out.
"Our position on the Falklands has not changed," Secretary of State John Kerry said in a recent trip to London.
"The United States recognizes de facto U.K. administration of the islands but takes no position on the question of parties' sovereignty claims thereto. We support co-operation between U.K. and Argentina on practical matters," Kerry told British journalists who pressed him to deliver a position on the Falklands issue.
Here's a more thorough history of the Falkland Islands dispute and the claims laid to Las Malvinas by both sides.