This paper explores the use of bilingual parallel corpora as a source of lexical knowledge for cross-lingual textual entailment. We claim that, in spite of the inherent difficulties of the task, phrase tables extracted from parallel data allow to capture both lexical relations between single words, and contextual information useful for inference. We experiment with a phrasal matching method in order to: i) build a system portable across languages, and ii) evaluate the contribution of lexical knowledge in isolation, without interaction with other inference mechanisms. Results achieved on an English-Spanish corpus obtained from the RTE3 dataset support our claim, with an overall accuracy above average scores reported by RTE participants on monolingual data. Finally, we show that using parallel corpora to extract paraphrase tables reveals their potential also in the monolingual setting, improving the results achieved with other sources of lexical knowledge.