Mix all ingredients in a bowl. Form into balls and sauté in a saucepan with 2 tablespoons of olive oil, turning to brown all sides. Be careful to handle gently as the meatballs will want to break. When well browned, fill the saucepan with water to almost cover the meatballs. Simmer for 45 minutes or until the rice is cooked.
Serve in bowls using the broth as a sauce. You can also add flour (1 tbsp to 1 cup broth) to make a gravy.