diff -r cf9c379a9859 Lib/contextlib.py
--- a/Lib/contextlib.py	Fri Jun 01 09:48:37 2012 +0300
+++ b/Lib/contextlib.py	Fri Jun 01 10:57:08 2012 +0300
@@ -236,9 +236,8 @@
                     exc_details = (None, None, None)
             except:
                 new_exc_details = sys.exc_info()
-                if exc_details != (None, None, None):
-                    # simulate the stack of exceptions by setting the context
-                    new_exc_details[1].__context__ = exc_details[1]
+                # simulate the stack of exceptions by setting the context
+                new_exc_details[1].__context__ = exc_details[1]
                 if not self._exit_callbacks:
                     raise
                 exc_details = new_exc_details
diff -r cf9c379a9859 Lib/test/test_contextlib.py
--- a/Lib/test/test_contextlib.py	Fri Jun 01 09:48:37 2012 +0300
+++ b/Lib/test/test_contextlib.py	Fri Jun 01 10:57:08 2012 +0300
@@ -553,12 +553,8 @@
         except IndexError as exc:
             self.assertIsInstance(exc.__context__, KeyError)
             self.assertIsInstance(exc.__context__.__context__, AttributeError)
-            # Inner exceptions were suppressed, but the with statement
-            # cleanup code adds the one from the body back in as the
-            # context of the exception raised by the outer callbacks
-            # See http://bugs.python.org/issue14969
-            suite_exc = exc.__context__.__context__.__context__
-            self.assertIsInstance(suite_exc, ZeroDivisionError)
+            # suppressing the ValueError also means suppressing the ZeroDivisionError
+            self.assertIsNone(exc.__context__.__context__.__context__)
         else:
             self.fail("Expected IndexError, but no exception was raised")
         # Check the inner exceptions