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#!/usr/bin/perl
use strict;
...
my $yml = Load($data);
mergekeys $yml;
print Dumper $yml;

---
key0: &id00
...
  deeper:
    challenger:   deep
    <<:           *id00

$ perl merge_keys.pl cyclic_test2.yml 
$VAR1 = {
...
                                  }
                    }
        };

$ ruby -ryaml -rpp -e 'x = YAML.load_file("cyclic_test2.yml"); print P
+P.pp(x);'
{"key0"=>{"zero"=>0},
...
     {"everyday"=>"shuffling", "X"=>1, "Y"=>3000, "Z"=>"key2.Z"}],
   "subkey_c"=>"bar",
   "deeper"=>{"challenger"=>"deep", "zero"=>0}}}