All you have to do is subscribe to the feed in another language and then go to feed settings and click “Translate to my language”. It will automatically translates the feed and any new items until you stop it.
There are some third party services like Mloovi for this but they don’t provide full feed or images in the feeds.
Thanks for the tip!
Even when you click on the news item, Google Reader will translate the whole page for you! 🙂