Using break for parent, grandparent, etc. only works until someone modifies the code incorrectly.  It is a problem waiting to happen.  Mathias' suggestion breaks the outer loop, but a slight modification allows you to break any one of the loops

"Well this is a good way to break the outer most loop without any new syntax:"
    cond1 = 1
    cond2 = 1
    cond3 = 1
    while cond1:
        while cond2:
           while cond3:
               if cond4:
                   cond2 = 0         ## break second loop, etc