A person who claims to be something or does something commonly and backs down when it comes to doing it.
A Panzy is pretty much a lier and a pussy towards everything.
BEFORE HE SAY'S
Josh: Dude I smoke Pot every day after school
NOW HE SAY'S
Romain: Hey here's some pot lets smoke!
Josh: Ummm dude I don't feel like it I just quit a few day's ago.
Romain: But you just told me you smoked this morning... were you just trying to act cool?
Josh: Ummm Kinda...
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