This module provides access to some variables used or maintained by the interpreter and to functions that interact strongly with the interpreter. It is always available.
If no exception is being handled anywhere on the stack, a tuple containing three None values is returned. Otherwise, the values returned are (type, value, traceback). Their meaning is: type gets the exception type of the exception being handled (a string or class object); value gets the exception parameter (its associated value or the second argument to raise, which is always a class instance if the exception type is a class object); traceback gets a traceback object (see the Reference Manual) which encapsulates the call stack at the point where the exception originally occurred.
Warning: assigning the traceback return value to a local variable in a function that is handling an exception will cause a circular reference. This will prevent anything referenced by a local variable in the same function or by the traceback from being garbage collected. Since most functions don't need access to the traceback, the best solution is to use something like type, value = sys.exc_info()[:2] to extract only the exception type and value. If you do need the traceback, make sure to delete it after use (best done with a try ... finally statement) or to call exc_info() in a function that does not itself handle an exception.
Since they are global variables, they are not specific to the current thread, so their use is not safe in a multi-threaded program. When no exception is being handled, exc_type is set to None and the other two are undefined.
The meaning of the variables is the same as that of the return values from exc_info() above. (Since there is only one interactive thread, thread-safety is not a concern for these variables, unlike for exc_type etc.)
The first item of this list, path[0], is the directory containing the script that was used to invoke the Python interpreter. If the script directory is not available (e.g. if the interpreter is invoked interactively or if the script is read from standard input), path[0] is the empty string, which directs Python to search modules in the current directory first. Notice that the script directory is inserted before the entries inserted as a result of $PYTHONPATH.