Summary for those who don't want to watch the video: the video is basically saying that what matters is not mostly debt in euro terms, but debt as a percentage of GDP. It's possible to increase GDP rather than decreasing spending, and this will also reduce debt as a percentage of GDP. The author argued that Italy's increase in debt multiplier in past decades was not far off those of some other countries in Europe; what differed was lower GDP growth, and therefore there is a case that GDP should be increased instead.
Productivity growth had trailed off about the time that Italy joined the euro.
Reducing government spending also reduces GDP, and doing so unwisely may make the debt-to-GDP ratio worse, especially over the long run.