How does exception propagation work up the call stack?

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When code `raise`s and the current function has no matching `except`, Python **unwinds the call stack**: it abandons the current frame and looks for a handler in the **caller**, then *its* caller, and so on. As each frame is unwound, its **`finally`** blocks and context-manager `__exit__`s **still run** (for cleanup). If no frame handles it, the exception reaches the top and the program **terminates** with a traceback:

How does exception propagation work up the call stack?

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