Lyric discussion by mrmister 

The lyrics are actually a translation, or rather interpretation, of a poem by Frederico Garcia Lorca called "Pequeño Valz Vienes." An interpretation because as a translation, it seems, it is not perfect and is slightly altered by Cohen to fit the context and rhythm of the song. I like how he has an almost roundabout way of saying things. It's really poetic. I really like this song.

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