The build process stopped with error in target 
sharemods

PYTHONPATH= ./python ./setup.py build
'import site' failed; use -v for traceback
Traceback (most recent call last):
  File "./setup.py", line 9, in ?
    import sys, os, getopt
ImportError: No module named os
*** Error code 1
make: Fatal error: Command failed for target 
`sharedmods'

This is cured with changing the Makefile (inserting 
./Lib)

# Build the shared modules
sharedmods: $(PYTHON)
	PYTHONPATH=./Lib ./$(PYTHON) 
$(srcdir)/setup.py build


Python: Python-2.1b2a
System: SunOS 5.7 Generic sun4u sparc SUNW,Ultra-60

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Setting PYTHONPATH should not be required.  Modules/getpath
must be getting confused.  I have no idea why.  The output
from

  ./python -c "import sys; print sys.path"

might be helpful.

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Have you set PYTHONHOME in the environment?  That could
cause this.

Lowering the priority since, as Neil says, this should not
be required.

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This should be fixed in 2.2 by the -E option. Try 2.2a2 or
later.