Timers in Python?

[Daniel]

Is there an equivalent of the Delphi Timer-component in Python as
well?  That is, I want to have two Timers : Timer1 needs to activate
itself every 2 minutes and Timer2 needs to activate itself every 7
minutes. 

In Delphi I can have 2 Timer.events  :

procedure TForm1.Timer1Timer(Sender: TObject);
begin
  //do a special task1
end;

procedure TForm1.Timer2Timer(Sender: TObject);
begin
  //do a special task2
end;

How is this done in Python?

Thanks for helping out.  Daniel