Yes, basically Greek words in English are pronounced as Latin loanwords, according to how the Greek words would have been pronounced in Latin around AD 1 (except that ph and th, but not ch, are pronounced as fricatives in English). Greek αυ and ευ were still pronounced as diphthongs at the time.

My name is Ελευθέριος and I transliterate it as Eleftherios in English.

Correct. Thee same pronunciation exists in ancient greek for example ευ ζην is ef zin (the good life).

Also the ευ situation is a little more complex ie sometimes it is pronunciated as ev (depending if the next letter is a vowel).

Huh, this seems to be the same linguistic phenomenon observed in British English with the word "lieutenant" but perhaps independently evolved.

Reminds me of Yog-Sothoth, which would be a great name for an anthropomorphized statistical model...

> Yog-Sothoth knows the gate. Yog-Sothoth is the gate. Yog-Sothoth is the key and guardian of the gate. Past, present, future, all are one in Yog-Sothoth. He knows where the Old Ones broke through of old, and where They shall break through again. He knows where They have trod earth's fields, and where They still tread them, and why no one can behold Them as They tread.