have (or hold) a wolf by the ears be in a precarious position.

☞ The saying became current in English in the mid 16th century, but the Roman comic dramatist Terence (195–159bc) mentions its Latin equivalent, lupum auribus tenere, as already being an old saying in his time. Compare with have a tiger by the tail (attiger).

1990George WillSuddenly A Communist Party administering an economy is holding a wolf by the ears.