In this paper we consider the Muskat problem describing the motion of two unbounded immiscible fluid layers with equal viscosities in vertical or horizontal two-dimensional geometries. We first prove that the mathematical model can be formulated as an evolution problem for the sharp interface separating the two fluids, which turns out to be, in a suitable functional analytic setting, quasilinear and of parabolic type. Based upon these properties, we then establish the local well-posedness of the problem for arbitrary large initial data and show that the solutions become instantly real-analytic in time and space. Our method allows us to choose the initial data in the class H s , s ∈ (3/2, 2), when neglecting surface tension, respectively in H s , s ∈ (2, 3), when surface tension effects are included. Besides, we provide new criteria for the global existence of solutions.