Insignificant person, ruthlessly squeezed for money? (9)

I believe the answer is:

pipsqueak

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'insignificant person' is the definition.
(I've seen this before)

I can't explain the remainder of the clue.

(Other definitions for pipsqueak that I've seen before include "Shrimp" , "Insignificant person" , "Dwarf" , "Contemptible person" , "Tiny person, worthy of contempt" .)

I've seen this clue in The Guardian.

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