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...