The American Heritage Dictionary gives "a passive homosexual; catamite" as one definition of punk.
Our English word catamite comes ultimately from the Greek mythological figure Ganymede, cupbearer of the gods. Theognis 1345-1350 (tr. J.M. Edmonds) explains how Ganymede got the job:
A pleasant thing hath lad's-love ever been since Ganymede was loved of the great Son of Cronus [Zeus], the king of the Immortals, who seized and brought him to Olympus and made him a God, what time his boyhood was in its lovely flower. In like manner, Simonides, be not thou astonished that 'tis come out that I too am taken with the love of a fair lad.