Previous work has used monolingual parallel corpora to extract and generate paraphrases. We show that this task can be done using bilingual parallel corpora, a much more commonly available resource. Using alignment techniques from phrasebased statistical machine translation, we show how paraphrases in one language can be identified using a phrase in another language as a pivot. We define a paraphrase probability that allows paraphrases extracted from a bilingual parallel corpus to be ranked using translation probabilities, and show how it can be refined to take contextual information into account. .