Actually the lyrics is based on a childrens game " τα κατσουβέλλικα" ( "κορακίστικα" in standard greek if i am not mistaken). Children repeat the vowels and certain syllables so as the would not get understood. Sometimes they keep repeating one vowel only for the whole sentence without changing anything else ( instead of saying 'kalimera" , they say " kalamara, kolomoro, kelemere, kilimiri). (I used to play that game too as a child :)
Now,
vereve
varava
vourouvou
, is something quite different. Based on the vowel of the last syllable of the phrase, they use varava-vereve-virivi-vourouvou, accordingly.
In Tilliria, they were using the sounds: varava, virivi, vourouvou, vereve between syllables so that the english occupiers wouldnt understand what they were speaking about. this song is in cypriot and talks about a girl with having this sounds between syllables. the translation above ignores the sounds so that you can understand the meaning of the song