diff -r 35da5d848ffd Lib/contextlib.py
--- a/Lib/contextlib.py	Mon Sep 23 23:24:38 2013 +0300
+++ b/Lib/contextlib.py	Wed Sep 25 21:09:02 2013 +0200
@@ -237,6 +237,8 @@
         return self
 
     def __exit__(self, *exc_details):
+        orig_exc_details = exc_details
+
         # We manipulate the exception state so it behaves as though
         # we were actually nesting multiple with statements
         frame_exc = sys.exc_info()[1]
@@ -251,17 +253,20 @@
         # Callbacks are invoked in LIFO order to match the behaviour of
         # nested context managers
         suppressed_exc = False
+        pending_raise = False
         while self._exit_callbacks:
             cb = self._exit_callbacks.pop()
             try:
                 if cb(*exc_details):
                     suppressed_exc = True
+                    pending_raise = False
                     exc_details = (None, None, None)
             except:
                 new_exc_details = sys.exc_info()
                 # simulate the stack of exceptions by setting the context
                 _fix_exception_context(new_exc_details[1], exc_details[1])
-                if not self._exit_callbacks:
-                    raise
+                pending_raise = True
                 exc_details = new_exc_details
-        return suppressed_exc
+        if pending_raise:
+            raise exc_details[1]
+        return suppressed_exc and orig_exc_details[0] is not None