In a bowl, combine all the ingredients for the meatballs, mix well, then form into balls about 1 ½ inches in size (this makes about 23-25 balls).
In a saucepan with 2 tablespoons of oil, brown the meatballs over high heat for about 1 minute on each side or until nicely colored. Remove the meatballs and set aside.
In the same pot, over medium-low heat, add olive oil and sauté garlic, onion and peppers with paprika, salt and pepper for about 4 minutes or until peppers are tender.
Add chili sauce, brown sugar and Dijon mustard and mix well.
Stir in beef stock until well blended, then bring to a boil.
Return the meatballs to the sauce and simmer over low heat for 25 minutes.
When the meatballs are cooked, remove the pot from the heat and allow to stand for 10 minutes to allow the sauce to thicken.