If Atlus won't, fans will: a group of fan translators has completed their work on making Persona 2: Eternal Punishment playable in English. This game is an enhanced port to PSP of the original PS1 release, and is the second part of the Persona 2 duology. Persona 2: Innocent Sin, the prequel's enhanced PSP port, did receive an official localization in 2011, but prior to the fan translation's release, the only way to get the full experience and play Eternal Punishment in English would have been through the original PlayStation 1 localization which came out in 2000.
The project, composed of a team of three—eiowlta, Sayucchi, and DarTisD—takes that original PS1 localization script and modifies and improves upon it, while taking the Tatsuya scenario—exclusive to the PSP version--translation from another team—p2px-scenario tumblr--with permission, and editing it. You can download the English translation patch from GitHub, note that you'll need a backup of Persona 2: Eternal Punishment for PSP, as well as the ISO patcher, also available on the project's GitHub. According to the translation team, the patched ISO will work on PSP, PS Vita, and on PPSSPP.
This news also follows upon a poll from Atlus, which asked fans which Persona game they'd want a remake of, to which Persona 3 and Persona 2 were tied with the most votes. Persona 3 is at least getting a remaster of its PSP version, Persona 3 Portable, sometime next year, while Persona 2 remains stranded, and only fully playable thanks to the efforts of fan translators.