diff --git a/python/src/META-INF/python-plugin-common.xml b/python/src/META-INF/python-plugin-common.xml
index 0951383ec8db..c17935b67502 100644
--- a/python/src/META-INF/python-plugin-common.xml
+++ b/python/src/META-INF/python-plugin-common.xml
@@ -176,6 +176,11 @@
       <category>Python</category>
     </intentionAction>
 
+    <intentionAction>
+      <className>com.jetbrains.python.codeInsight.intentions.PyConvertTripleQuotedStringIntention</className>
+      <category>Python</category>
+    </intentionAction>
+
     <stubElementTypeHolder class="com.jetbrains.python.PyElementTypes"/>
     <inspectionToolProvider implementation="com.jetbrains.python.inspections.PythonInspectionToolProvider"/>
 
diff --git a/python/src/com/jetbrains/python/PyBundle.properties b/python/src/com/jetbrains/python/PyBundle.properties
index d2485e2b2226..95f792d0fde3 100644
--- a/python/src/com/jetbrains/python/PyBundle.properties
+++ b/python/src/com/jetbrains/python/PyBundle.properties
@@ -146,6 +146,9 @@ INTN.convert.lambda.to.function=Convert lambda to function
 
 INTN.convert.variadic.param=Convert from variadic to normal parameter(s)
 
+# PyConvertTripleQuotedStringIntention
+INTN.triple.quoted.string=Convert triple-quoted string to single-quoted string
+
 # Conflict checker
 CONFLICT.name.$0.obscured=Name ''{0}'' obscured by local definitions
 CONFLICT.name.$0.obscured.cannot.convert=Name ''{0}'' obscured. Cannot convert.
diff --git a/python/src/com/jetbrains/python/codeInsight/intentions/PyConvertTripleQuotedStringIntention.java b/python/src/com/jetbrains/python/codeInsight/intentions/PyConvertTripleQuotedStringIntention.java
new file mode 100644
index 000000000000..8bf47ec76fc1
--- /dev/null
+++ b/python/src/com/jetbrains/python/codeInsight/intentions/PyConvertTripleQuotedStringIntention.java
@@ -0,0 +1,113 @@
+package com.jetbrains.python.codeInsight.intentions;
+
+import com.intellij.codeInsight.intention.impl.BaseIntentionAction;
+import com.intellij.lang.ASTNode;
+import com.intellij.openapi.editor.Editor;
+import com.intellij.openapi.project.Project;
+import com.intellij.psi.PsiFile;
+import com.intellij.psi.util.PsiTreeUtil;
+import com.intellij.util.IncorrectOperationException;
+import com.jetbrains.python.PyBundle;
+import com.jetbrains.python.psi.*;
+import org.jetbrains.annotations.NotNull;
+
+/**
+ * User: catherine
+ * Intention to convert triple quoted string to single-quoted
+ * For instance:
+ * from:
+ * a = """This line is ok,
+ *      but "this" includes far too much
+ *      whitespace at the start"""
+ * to:
+ * a = ("This line is ok," "\n"
+ *      "but \"this\" includes far too much" "\n"
+ *      "whitespace at the start")
+ */
+public class PyConvertTripleQuotedStringIntention extends BaseIntentionAction {
+
+  @NotNull
+  public String getFamilyName() {
+    return PyBundle.message("INTN.triple.quoted.string");
+  }
+
+  @NotNull
+  @Override
+  public String getText() {
+    return PyBundle.message("INTN.triple.quoted.string");
+  }
+
+  public boolean isAvailable(@NotNull Project project, Editor editor, PsiFile file) {
+    PyStringLiteralExpression string = PsiTreeUtil.getParentOfType(file.findElementAt(editor.getCaretModel().getOffset()), PyStringLiteralExpression.class);
+    if (string != null) {
+      final PyDocStringOwner docStringOwner = PsiTreeUtil.getParentOfType(string, PyDocStringOwner.class);
+      if (docStringOwner != null) {
+        if (docStringOwner.getDocStringExpression() == string) return false;
+      }
+      String stringText = string.getText();
+      if (stringText.length() >= 6) {
+        if (stringText.startsWith("'''") && stringText.endsWith("'''") ||
+              stringText.startsWith("\"\"\"") && stringText.endsWith("\"\"\"")) return true;
+      }
+    }
+    return false;
+  }
+
+  public void invoke(@NotNull Project project, Editor editor, PsiFile file) throws IncorrectOperationException {
+    PyStringLiteralExpression string = PsiTreeUtil.getParentOfType(file.findElementAt(editor.getCaretModel().getOffset()), PyStringLiteralExpression.class);
+    PyElementGenerator elementGenerator = PyElementGenerator.getInstance(project);
+    if (string != null) {
+      StringBuilder strBuilder = new StringBuilder();
+      for (ASTNode node : string.getStringNodes())
+        strBuilder.append(node.getText());
+      String stringText = strBuilder.toString();
+      String[] subStrings = stringText.split("\n");
+
+      Character firstQuote = stringText.charAt(0);
+      StringBuilder result = new StringBuilder();
+      if (subStrings.length != 1)
+        result.append("(");
+      boolean lastString = false;
+      for (String s : subStrings) {
+        result.append(firstQuote);
+        String validSubstring = convertToValidSubString(s, firstQuote);
+
+        if (s.endsWith("'''") || s.endsWith("\"\"\"")) {
+          lastString = true;
+        }
+        result.append(validSubstring);
+        result.append(firstQuote);
+        if (!lastString)
+          result.append(" ").append(firstQuote).append("\\n").append(firstQuote).append("\n");
+      }
+      if (subStrings.length != 1)
+        result.append(")");
+      PyExpressionStatement e = elementGenerator.createFromText(LanguageLevel.forElement(string), PyExpressionStatement.class, result.toString());
+      string.replace(e.getExpression());
+    }
+  }
+
+  private static String convertToValidSubString(String s, Character firstQuote) {
+    String subString;
+    if (s.startsWith("'''") || s.startsWith("\"\"\""))
+      subString = convertToValidSubString(s.substring(3), firstQuote);
+    else if (s.endsWith("'''") || s.endsWith("\"\"\"")) {
+      String trimmed = s.trim();
+      subString = convertToValidSubString(trimmed.substring(0, trimmed.length() - 3), firstQuote);
+    }
+    else {
+      s = s.trim();
+      StringBuilder stringBuilder = new StringBuilder();
+      for (Character ch : s.toCharArray()) {
+        if (ch == firstQuote) {
+          stringBuilder.append("\\").append(firstQuote);
+        }
+        else {
+          stringBuilder.append(ch);
+        }
+      }
+      subString = stringBuilder.toString();
+    }
+    return subString;
+  }
+}
diff --git a/python/testData/intentions/afterConvertTripleQuotedString.py b/python/testData/intentions/afterConvertTripleQuotedString.py
new file mode 100644
index 000000000000..500ade9f6205
--- /dev/null
+++ b/python/testData/intentions/afterConvertTripleQuotedString.py
@@ -0,0 +1,5 @@
+if True:
+  if True:
+    a = ('\'Hello\' - said man.\n' '\n'
+         'Let\'s go.' '\n'
+         'And they went out.')
\ No newline at end of file
diff --git a/python/testData/intentions/beforeConvertTripleQuotedString.py b/python/testData/intentions/beforeConvertTripleQuotedString.py
new file mode 100644
index 000000000000..79183b64b073
--- /dev/null
+++ b/python/testData/intentions/beforeConvertTripleQuotedString.py
@@ -0,0 +1,5 @@
+if True:
+  if True:
+    a = ''''Hello'<caret> - said man.\n
+            Let's go.
+            And they went out.'''
\ No newline at end of file
diff --git a/python/testSrc/com/jetbrains/python/PyIntentionTest.java b/python/testSrc/com/jetbrains/python/PyIntentionTest.java
index 6c12e1710939..19e3bed112a7 100644
--- a/python/testSrc/com/jetbrains/python/PyIntentionTest.java
+++ b/python/testSrc/com/jetbrains/python/PyIntentionTest.java
@@ -161,4 +161,7 @@ public class PyIntentionTest extends PyLightFixtureTestCase {
   public void testConvertVariadicParam() { //PY-2264
     doTest(PyBundle.message("INTN.convert.variadic.param"));
   }
+  public void testConvertTripleQuotedString() { //PY-2697
+    doTest(PyBundle.message("INTN.triple.quoted.string"));
+  }
 }