PORT STANLEY (Reuter) - Government officials in the Falkland Islands say they are facing a financial crisis because lucrative fishing licences are being lost to Argentina.
Argentina is offering licences to foreign fishing companies that are cheaper and have few restrictions regarding conservation, the officials said. One official said it could mean the islands losing more than pounds 16m in revenue from licences, which represented 64 per cent of the annual budget.
The islands' Chief Executive, Ronald Sampson, described the problem as 'the worst . . . since the Argentine invasion'.