Spain, Italy vow to work together to solve euro debt crisis

(MADRID) - The leaders of Spain and Italy, the shakiest big economies in the eurozone, vowed Thursday to work together to solve the long-running debt crisis in the single currency area.

"The two countries want to work together," Spanish Prime Minister Mariano Rajoy told a joint news conference in Madrid with his Italian counterpart Mario Monti.

"We are conscious that we are demanding great efforts from our citizens, but we know that is the only way out," he added.

Both Spain and Italy have slashed public spending and raised taxes to bring their finances under control and lower their borrowing costs, prompting angry street protests.

"The solution can only be found if we all do our homework," said Monti.