From The Guardian:
Clearly, the purpose of poetry translation extends beyond merely giving the literal meaning - after all, a prose crib could do that. In order to convey untranslatable aspects such as rhythm, rhyme, syntactic structure, mood and cultural connotations, a successful translator needs to be at the very least a skilled verse-technician, if not a poet themselves.
Writing a new version of an existing poem is an artistic endeavour hovering between recreation and repossession - or at least it is generally regarded as such when, for example, a new translation of a much-translated classic (think The Odyssey, Beowulf or Sir Gawain and the Green Knight) is published by a renowned poet. When contemporary poetry is first translated, however, the translator often takes a back seat in terms of accolade - after all, shouldn't the freshly translated poet be the one in the limelight?