from twisted.internet import reactor
from twisted.internet.defer import inlineCallbacks, returnValue, Deferred
 
@inlineCallbacks
def inline1():
    d = Deferred()
    reactor.callLater(1, d.callback, 1)
    result = yield d 
    print 'inline1', result
    result = inline2()
    print 'inline2', result
@inlineCallbacks
def inline2():
    d = Deferred()
    reactor.callLater(2, d.callback, 2)
    result = yield d
    returnValue(result)
reactor.callWhenRunning(inline1)
reactor.run()

inline1 1
inline2 <Deferred at 0xb727d9ecL>