Combine bread and milk in a medium bowl, let stand for 10 minutes.
Squeeze bread and discard milk. Place bread in a large mixing bowl.
Add ground beef, eggs, onion, parsley, salt, pepper, and thyme.
Mix until well combined.
Dust meatballs in flour and pan sear roughly three minutes in olive oil.
In large pot, mix red wine, butter and tomato paste together and bring to a medium boil.
Add meatballs and cook for five minutes.
Add beef broth and simmer for 20 minutes.