The Czech Prime Minister Mirek Topolanek has formally resigned after losing a no-confidence vote earlier this week.He handed his letter of resignation to the Czech President Vaclav Claus earlier today. Taking reporters questions Claus made it clear the Czech Republic rotating presidency of the EU was a concern to him. He said he was going to act quickly to assemble a new government. He said the EU needed a country with an effective government at the helm. He said he may even appoint Topolanek as the new Prime Minister. The Czech Republic s economy has been in freefall for months and Topolanek was forced out of office because of his poor handling of the crisis. Critics in the opposition Social Democrats claim he was too slow introducing a massive cash bailout. For now the future political direction of the Czech Republic is in the hands of President Klaus .. a notorious euro sceptic.