The two-year standoff over Greenland has ended with a signed deal that leaves Denmark's sovereignty intact — a relief for Europe, but a costly detour for America's reputation.

• The US gets an expanded base plus two new ones, and a formal veto over Chinese or Russian investment in Greenland's key industries.
• Denmark and Greenland keep full sovereignty, and the deal now has no expiration date — it survives even if Greenland goes independent.
• The old 1951 arrangement already gave Washington wide freedom on the island, so the gains are real but modest.
• The threats of invasion were never needed: Denmark was among the most pro-American countries and new bases were uncontroversial there.
• The damage lingers — allies spent months fearing a US attack on a NATO member, and are now hedging their bets.

Outlook: The Greenland fight is settled, but the bigger race for the Arctic — with Russia far ahead on icebreakers and bases, and China moving in — is just starting.