Ben Beasley added the comment:

See the BDFL's comment in msg55828. "I know Py3k text I/O is very slow;
it's written in Python and uses UTF-8
as the default encoding.  We've got a summer of code student working on
an accelerating this.  (And if he doesn't finish we have another year to
work on it before 3.0final is released.)"

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<http://bugs.python.org/issue1141>
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