REYKJAVIK - Iceland's Left Green party leader said on Friday she had given up on forming a government and handed back the president's mandate to create one.

Katrin Jakobsdottir's failure to negotiate a coalition further extends the political impasse that followed the Oct. 29 snap election.

Talks led by her to form a five-party government including the anti-establishment Pirate Party were suspended earlier this week.

The president gave Jakobsdottir the task to form a government after talks led by the center-right Independence Party which emerged as the biggest party in the election failed.

Jakobsdottir told local media she now did not exclude anything in terms of a future government, including a minority government.

President Gudni Johannesson said he would give the parties time to talk informally.

(Reporting by Ragnhildur Sigurdadottir; Writing by Daniel Dickson Editing by Jeremy Gaunt)