See http://hg.python.org/cpython/file/default/Misc/README.valgrind for an explanation of some errors and ways to make using valgrind on python more useful.
"Why is this language leaking so much memory?": there was no leak found, "still reachable" is ok. Exiting a program frees all memory that it allocated, only some of the "lost" fields might mean a real leak.
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