Some terms, for example "gypo", have been reclaimed by some ethnic groups to refer to themselves and have become acceptable in certain settings when used without derogatory intent.
squeeze c.1600, probably an alteration of quease (c.1550), from O. cwysan "to squeeze," of unknown origin, perhaps imitative (cf. Until now there's a man that can squeeze and ruin me any day, and that's Merchant.
The following are some examples: Many of the following terms are considered derogatory or offensive to the described ethnic group.
Many terms are derived from the Australian habit of using diminutives, and are not necessarily offensive in their use.
Given these two ideas, I see them to be a self-contradiction when combined.
Along those lines, it could possibly mean "," or perhaps a transvestite.
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co.