gistfile1.txt

>>> from mako.template import Template
>>> templatetext = r"""
... Hello!
... % for x in [1,2,3,4,5]:
... ${x} \
... % endfor
... 
...     This is indented.
...     Whee
... Now back out.
... % for x in [1,2,3,4,5]:
...         ${x}
... % endfor
... """
>>> mt = Template(templatetext)
>>> print mt.render()

Hello!
1 2 3 4 5 
    This is indented.
    Whee
Now back out.
        1
        2
        3
        4
        5

>>>