I looked up how this is found on the form, and it is being translated in Moodle with get_string. The relevant file is lang/en/timezones.php for the list of translatable strings. From the way it looks the untranslated strings are missing from this file. I checked in Greek, Greek, Hebrew and the same list is in English. Those languages are pretty complete so it is not the fault of the translators. The file looks like it was last revised in April 2010. Time zones change frequently because they set by local governments. I created MDL-67817 to update it.
Thanks, that sounds convincing. ;)