http://ulrich.pogson.ch/?p=3635

i18n.php

<?php 

// Original hardcoded text
echo 'Click <a href="'. esc_url( get_permalink() ) . '">here</a> to go and watch the video.';

// Option 1
printf(
	__( 'Click <a href="%s">Here</a> to go and watch the video.', 'text-domain' ),
	esc_url( get_permalink() )
);

// Option 2
printf(
	__( 'Click %shere%s to go and watch the video.', 'text-domain'),
	'<a href="'. esc_url( get_permalink() ) . '">',
	'</a>'
);

// Option 3
printf(
	__( 'Click %s to go and watch the video.', 'text-domain' ),
	'<a href="'. esc_url( get_permalink() ) . '">' . __( 'here', 'text-domain' ) . '</a>'
);

// Alternative option
echo '<a href="' . esc_url( get_permalink() ) . '">' .  __( 'Watch the video', 'text-domain' ) . '</a>';