Install Python 2.7.8 on Ubuntu 12.04
There is a ppa for Python 2.7.10 which is relatively new. Please, read description here:
https://launchpad.net/~fkrull/+archive/ubuntu/deadsnakes-python2.7
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Add PPA repository
sudo add-apt-repository ppa:fkrull/deadsnakes-python2.7
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Update package list
sudo apt-get update
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Then Install it
sudo apt-get install python2.7