Spain called on Monday for the European Central Bank to step in to fight financial market pressure after any hopes that the Greek election result might ease the strain on vulnerable Spanish and Italian debt were dashed.

The cost of borrowing rose for both Spain and Italy, the two big eurozone economies under fire for poor finances, widening the gap between what they have to pay and what Germany pays. The yield on Spain's 10-year bond went above the 7 percent widely viewed as unsustainable. Italy's was just above 6 percent.

"The financial markets...aren't relaxing their pressure on Spain. Doubts continue regarding the construction of Europe, about the present and the future of the euro," Treasury Minister Cristobal Montoro told the Spanish Senate during a budget hearing. "The ECB must respond firmly, with reliability, to these market pressures that are still trying to derail the joint euro project."

Within a few hours of the election result -- a narrow win for Greek parties committed to the terms of a European Union/International Monetary Fund bailout -- financial markets reacted as if nothing had changed.

The response underlined the essential problem facing the eurozone; short-term improvements to the climate do not address the root problem that finances are perilously tight in the middle of an economic downturn.

"While Greek euro exit fears have...eased, this (election) outcome does little to alleviate the weak fundamentals that currently weigh on Spain and Italy," Michala Marcussen, an economist at Societe Generale, said in a research note.

Even so, a meltdown at the prospect of a Greek government pledged to reneging on its commitments and possibly forcing Greece out of the eurozone was averted, so leaders of Italy and Spain welcomed the narrow victory for Greek mainstream parties.

"This allows us to have a more serene vision for the future of the European Union and for the eurozone," Italian Prime Minster Mario Monti told reporters in Mexico upon arriving for a G-20 summit.

Also speaking before the same meeting, Spanish Prime Minister Mariano Rajoy greeted the election outcome as "good news for Greece, very good news for the European Union, for the euro and also for Spain."

Rajoy, like Montoro on Monday, has repeatedly called for the ECB to act to defend the eurozone, implicitly wanting it to resume a massive bond-buying program that held down yields of government debt in recent months. The ECB is reluctant to fire up the program again.

For Italy and Spain, the bond market reaction to the Greek vote suggested that the eurozone crisis needs a comprehensive solution before markets can start to build confidence.

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