Navigante:
Once again: welcome to the real world!
Unfortunately AZ pilots are not in a position to bargain. Most national carriers have gone through privatization and found it to be a painful process. KLM, for example, went through a rigorous efficiency operation that cost many (I think it was 2000-2500) jobs when they were privatized. Their pilot hiring was effectively halted for a couple of years. They have emerged more profitable and AF took advantage of that by buying a healthy company.
Italy has to play this one by the EU rules, nationalizing Alitalia is not an option. In the immediate future you will have to accept the paycut and job losses, if things go well you can negotiate better terms and conditions at a later stage.