Vargs vas munr, þats margan
— menskerðir stakk sverði
myrkaurriða markar —
minn dróttinn rak flótta.
Vas munr vargs, þats dróttinn minn rak margan flótta; menskerðir stakk myrkaurriða markar sverði.
It was the pleasure of the wolf that my lord put many to flight; the necklace-diminisher [GENEROUS MAN = Sigurðr] pierced the dark trout of the forest [SERPENT = Fáfnir] with the sword.
 munr (m. nom. sg.) ‘pleasure’: The variants munnr (or muðr) ‘mouth’ (so Tˣ, U, A, B, C, 743ˣ) and þars ‘there where’ (so U, A, B, 743ˣ) give a less preferable reading of ll. 1 and 4: munnr (or muðr) vargs vas, þars dróttinn minn rak margan flótta ‘the mouth of the wolf was there where my lord put many to flight’.
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