diff -up boost_1_53_0/libs/python/test/exec.cpp\~ boost_1_53_0/libs/python/test/exec.cpp
--- boost_1_53_0/libs/python/test/exec.cpp~	2010-07-05 00:38:38.000000000 +0200
+++ boost_1_53_0/libs/python/test/exec.cpp	2015-01-09 21:31:12.903218280 +0100
@@ -56,6 +56,20 @@ void eval_test()
   BOOST_TEST(value == "ABCDEFG");
 }
 
+struct PyCtx
+{
+  PyCtx() {
+    Py_Initialize();
+  }
+
+  ~PyCtx() {
+    // N.B. certain problems may arise when Py_Finalize is called when
+    // using Boost.Python.  However in this test suite it all seems to
+    // work fine.
+    Py_Finalize();
+  }
+};
+
 void exec_test()
 {
   // Register the module with the interpreter
@@ -68,6 +82,8 @@ void exec_test()
                              ) == -1) 
     throw std::runtime_error("Failed to add embedded_hello to the interpreter's "
                  "builtin modules");
+
+  PyCtx ctx;
   // Retrieve the main module
   python::object main = python::import("__main__");
   
@@ -148,41 +164,43 @@ void check_pyerr(bool pyerr_expected=fal
   }
 }
 
+template <class Cb>
+bool
+run_and_handle_exception(Cb cb, bool pyerr_expected = false)
+{
+  PyCtx ctx;
+  if (python::handle_exception(cb)) {
+    check_pyerr(pyerr_expected);
+    return true;
+  } else {
+    return false;
+  }
+}
+
 int main(int argc, char **argv)
 {
   BOOST_TEST(argc == 2 || argc == 3);
   std::string script = argv[1];
-  // Initialize the interpreter
-  Py_Initialize();
 
-  if (python::handle_exception(eval_test)) {
-    check_pyerr();
-  }
-  else if(python::handle_exception(exec_test)) {
-    check_pyerr();
-  }
-  else if (python::handle_exception(boost::bind(exec_file_test, script))) {
+  // N.B. exec_test mustn't be called through run_and_handle_exception
+  // as it needs to handles the python context by itself.
+  if (run_and_handle_exception(eval_test)
+      || python::handle_exception(exec_test))
     check_pyerr();
-  }
-  
-  if (python::handle_exception(exec_test_error))
-  {
-    check_pyerr(/*pyerr_expected*/ true);
-  }
   else
-  {
+    run_and_handle_exception(boost::bind(exec_file_test, script));
+
+  if (!run_and_handle_exception(exec_test_error, true))
     BOOST_ERROR("Python exception expected, but not seen.");
-  }
 
   if (argc > 2) {
+    PyCtx ctx;
     // The main purpose is to test compilation. Since this test generates
     // a file and I (rwgk) am uncertain about the side-effects, run it only
     // if explicitly requested.
     exercise_embedding_html();
   }
 
-  // Boost.Python doesn't support Py_Finalize yet.
-  // Py_Finalize();
   return boost::report_errors();
 }
 

Diff finished.  Fri Jan  9 21:31:13 2015