Obviously we got off of by that arbitrary date, and if we hadn't that would have been a value destroying mistake.
on edit: the weird monetary amount is my attempt to turn to U.S.D the DKK amount at the time which was 1 million dkk - iirc the dollar was at a low but it was between 161 - 165.
If you fix the dates, something else has to give. If time, cost, and scope are all fixed you're going to fail, almost guaranteed. There are always unknowns and in this scenario the only thing you've allowed to flex is quality.
I'm not saying you can't come in on time and under budget. This article spells out the dysfunctional dynamic of date pressure. By creating this much pressure from the beginning, you create an environment when corners are cut from the beginning and the problem compounds over time. The pressure-cooker mindset of management kills the quality of the project, even if the estimates did turn out to be reasonable.