String formatting with nested dictionaries

[linnorm at gmail.com]

I've got a bit of code which has a dictionary nested within another
dictionary.  I'm trying to print out specific values from the inner
dict in a formatted string and I'm running into a roadblock.  I can't
figure out how to get a value from the inner dict into the string.  To
make this even more complicated this is being compiled into a large
string including other parts of the outer dict.

mydict = {'inner_dict':{'Value1':1, 'Value2':2}, 'foo':'bar',
'Hammer':'nails'}

print "foo is set to %(foo)s - Value One is: %(inner_dict['Value1'])s
and Value Two is: %(inner_dict['Value2'])s -- Hammers are used to pound
in %(Hammer)s" % mydict

The above fails looking for a key named 'inner_dict['Value1']' which
doesn't exist.

I've looked through the docs and google and can't find anything
relating to this.