diff -r b1f5b5d7997f Lib/asyncio/base_events.py
--- a/Lib/asyncio/base_events.py	Fri Apr 04 16:57:24 2014 +0200
+++ b/Lib/asyncio/base_events.py	Fri Apr 04 18:38:08 2014 +0200
@@ -412,6 +412,10 @@ class BaseEventLoop(events.AbstractEvent
                     if sock is not None:
                         sock.close()
                     exceptions.append(exc)
+                except:
+                    if sock is not None:
+                        sock.close()
+                    raise
                 else:
                     break
             else:
diff -r b1f5b5d7997f Lib/test/test_asyncio/test_base_events.py
--- a/Lib/test/test_asyncio/test_base_events.py	Fri Apr 04 16:57:24 2014 +0200
+++ b/Lib/test/test_asyncio/test_base_events.py	Fri Apr 04 18:38:08 2014 +0200
@@ -583,6 +583,25 @@ class BaseEventLoopWithSelectorTests(uni
 
         self.assertEqual(str(cm.exception), 'Multiple exceptions: err1, err2')
 
+    @mock.patch('asyncio.base_events.socket')
+    def test_create_connection_timeout(self, m_socket):
+        sock = mock.Mock()
+        m_socket.socket.return_value = sock
+
+        def getaddrinfo(*args, **kw):
+            fut = asyncio.Future(loop=self.loop)
+            addr = (socket.AF_INET, socket.SOCK_STREAM, 0, '', ('127.0.0.1', 80))
+            fut.set_result([addr])
+            return fut
+        self.loop.getaddrinfo = getaddrinfo
+
+        sock.setblocking.side_effect = asyncio.TimeoutError
+        coro = self.loop.create_connection(MyProto, '127.0.0.1', 80)
+        with self.assertRaises(asyncio.TimeoutError) as cm:
+            self.loop.run_until_complete(coro)
+
+        self.assertTrue(sock.close.called)
+
     def test_create_connection_host_port_sock(self):
         coro = self.loop.create_connection(
             MyProto, 'example.com', 80, sock=object())