FACTBOX: Iceland in crisis

(Reuters) - Iceland on Monday celebrated the 90th anniversary of its autonomy from Denmark, facing its worst economic crisis ever after its main banks and currency collapsed in October in the maelstrom of the global financial crisis.

Iceland's 320,000 residents are staring at a protracted period of economic hardship. The economy is expected to contract 10 percent next year, unemployment is set to soar, and consumer confidence has plummeted.

Here are some facts about Iceland:

* A COUNTRY IN CRISIS:

-- Iceland, whose prime minister Geir Haarde had warned of "national bankruptcy" said at the weekend that the financial crisis which ravaged the nation's banking system and the Icelandic crown, has underscored the pitfalls of managing a currency in a small, open economy.

-- The International Monetary Fund (IMF) approved a $2.1 billion loan for Iceland on November 19 as part of a package of assistance which totals about $10 billion. Iceland's major banks and currency had collapsed under the weight of billions of dollars of debt accumulated in an aggressive overseas expansion into financial services.

-- Parliament passed legislation late last month curbing currency flows as authorities try to revive the crown, which has all but ceased trading internationally.

* ICELAND'S EXPANSION:

-- The small country's financial stature had swelled in recent years as its banks expanded rapidly overseas. Investors took large positions in its high-yielding currency and foreign firms and individuals poured money into local projects.

-- Until its banking sector was deregulated in the late 1990s, the island's economy was based mainly on fishing, and marine products accounted for the majority of exports.

-- Important exports now include aluminum, ferro-silicon alloys, equipment and electronic machinery for fishing and fish processing, and pharmaceuticals.

-- Icelandic businessmen had become well known for risk-taking and a fast, decisive approach to investments. The country had spread its business interests far and wide during the era of cheap finance.

-- Before the crisis, Icelandic businesses had targeted investments in the retail and financial sectors in Britain and the Nordic region and in the telecoms and pharmaceutical sectors in Eastern Europe.

* THE COUNTRY - SOME DETAILS:

CAPITAL - Reykjavik

POPULATION - 320,000