I guess you have already ruled out removing it to refinish it. I have to wonder what kind of varnish was used that failed so fast. Teak is a particularly oily wood. Sounds like there is some combination of the teak, the stain and the varnish that were incompatible. Anyway, you might try the method that some piano refinishers use. Using a 50-50 mix of lacquer thinner and denatured alcohol you may be able to rub off the old finish without sanding at all. This requires LOTS of ventilation, and lots of rags, but you can do it over a period of days. You will first have to test if the existing finish can be dissolved with this solution by checking in an inconspicuous area. It won't be instantaneous, but if the corner of a rag, wet with the solution, then rub on a spot. If you see color being picked up on your rag, you should be in luck. Give it a couple of days to dry thoroughly before applying a new finish.
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