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