He added that the referendum was a “symptom” of a series of mismanagements from EU leaders.
Speaking to Risk Minds TV, Mr Varoufakis said: “Brexit is a symptom, and in my estimation, it’s the result of Europe’s inept handling of an inevitable crisis.
“Britain has always been semi-detached from the European Union, but I don’t believe that Brexit would have happened if it wasn’t for the spectacular failure of the Continent’s leaders to inflate the Continental economy after 2009-10.
“Because the Bank of England was inflating the British economy when the ECB (European Central Bank) was incapable of doing so on the Continent.”
The former Greek minister added there was “no evidence” other member states will be able to come together to overcome the uncertainties of Britain’s and the recent Italian referendum result.
He also mocked European leaders for holding a “crisis” summit in Slovakia in September in a bid to discuss the EU’s future.
Mr Varoufakis continued: “The famous Bratislava summit where our great and good leaders – Angela Merkel, Francois Hollande, Matteo Renzi – got together, to do what?
“There is no evidence unfortunately that the political class on the Continent is capable of even sitting down to address the right questions, let alone, deliver the right answers.”
Britain’s leading Brexit campaigner Nigel Farage has also predicted the European Union will collapse as soon as Theresa May completes the formal departure process.
The former Ukip leader refused to speculate when the bloc would fall, but asserted his confidence the project had failed.
“I want a different Europe where friends – nation states – can trade and cooperate together, not have laws dictated to them and judged by a foreign court.”
Having been accused of leading an angry protest movement in Britain, he rebuked: “It’s not a right-wing feeling, it’s not a left-wing feeling – it’s a very popular feeling.”