Edit In my machine, the output depends on the shell / python used, as shown below.
As Klaus comments, the main actor here will be setting the locale on your system.
>>> v = "\xc5\x84" >>> print v
The machine has the following settings:
>>> import locale >>> locale.getlocale() ('es_ES', 'cp1252')
Regardless of this option, you get your character with
>>> print v.decode('utf-8') Ε >>>
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