It is a way to simplify strings when contain many variables. In python, as you see, you made a string in your print statement which reflects the variables v.varName and v.x. When a percent sign is used in a string, it will be matched, in order, with the parameters you give it.
There are specific letters used for each TYPE of variable. In your case you used "s" and "g" representing a string and a number. Of course numbers are turned into strings if you are creating a string (like in this case).
Example:
x = 20
y = "hello"
z = "some guy"
resulting_string = "%s, my name is %s. I am %g years old" % (y, z, x)
print resulting_string
The result will be:
hello, my name is some guy. I am 20 years old
Notice that the order in the variables section is what gives the correct ordering.