Farakos was born in Nafplio, Argolis in 1923. During the German occupation of Greece (1941 - 1944), he became involved with the youth movement of ELAS - the Greek Popular Liberation Army. During the December Events in 1944, he took part in the battle for Athens which pitted the Communist-dominated forces against the national forces and the British. Farakos was seriously wounded and later exiled to Icaria.
During the Greek Civil War, Farakos joined the Democratic Army and was wounded yet again in 1948 in a battle against the Greek national forces. Following the defeat of the communists in 1949, he moved to the Soviet Union.
In 1961, Farakos was elected to the Central Committee of the KKE. He returned to Greece illegally, was arrested and sentenced to life imprisonment. He was freed after the restoration of democracy in 1974, became editor of "Rizospastis" - the Communist daily - and was elected to the Hellenic Parliament. Between 1989 and 1991, Farakos served as Secretary General of the KKE.