Market Overview

The Saga Of Trump's Bizarre Bid For Greenland

Share:
The Saga Of Trump's Bizarre Bid For Greenland

President Donald Trump postponed a planned Sept. 2 visit to Denmark after his proposal to buy Greenland, which borders the Arctic Ocean, was brushed aside.

The cancellation was confirmed by a White House spokesman.

Trump described Denmark as a “very special country" in a tweet on Tuesday and said his planned visit would no longer go ahead because there is "no interest in discussing the purchase of Greenland."

Denmark's Prime Minister Mette Frederiksen has said that Greenland is not for sale. 

Denmark is keen to keep relations with the U.S. — a NATO ally — friendly.

On Wednesday, Frederiksen reacted to Trump's cancellation of Denmark visit.

"Our preparations were well under way," she said, adding she had been looking forward to meeting the U.S. president, according to the BBC. 

Frederiksen has stressed that the offer to purchase Greenland has "clearly been rejected." Despite this, Denmark welcomes the U.S. and stressed that Trump’s two-day visit would have been an "opportunity to celebrate Denmark's close relationship to the US." 

'A Large Real Estate Deal' 

Exactly how much is Greenland worth? The U.S. offered $100 million in 1946 for Greenland, which is worth an estimated $1.3 billion in today’s dollars, according to MarketWatch.

Why does Trump want to buy Greenland? "Essentially it's a large real estate deal," Trump said on Sunday.

It is also estimated that around 13% of the world's undiscovered oil reserves and 30% of its undiscovered gas lies under the Arctic, the BBC said. 

The U.S. already has a presence on the island in the form of an air base and radar station.

Danish media have taken to making light of the whole situation. One Dane tweeted the following translation from a Danish newspaper:

Posted-In: BBC Donald TrumpM&A News Politics Global Reviews General Best of Benzinga

 

Related Articles

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

4 Solutions To Improve Your Bad Credit

38 Stocks Moving In Wednesday's Mid-Day Session