It seems that mingw is unable to compile the simplest program containing
a call to localtime():

$ echo "#include <time.h>
> int main() { localtime(NULL); }" > t.c
$ gcc -mno-cygwin t.c -lmsvcr90

Then starting "a.exe" displays a modal box with the message: "The
procedure entry point localtime could not be located in the dynamic link
library msvcr90.dll."

So the problem is not python-specific, and should be reported to Mingw.

However, I discovered that it works if you include time.h this way:

   #define __MSVCRT_VERSION__ 0x0700    /* whatever above 0x0601 */
   #include <time.h>
   #define time_t __time64_t
   #define localtime _localtime64
   #define time _time64