Meatballs with Basil Sauce

1/3 cup olive oil
1 medium onion, finely chopped
4 bacon rashers, chopped
1 kg minced beef
2 tabs tomato paste
1 cup stale breadcrumbs
2 eggs, lightly beaten
300 ml cream
1 cup beef stock
¼ cup chopped fresh basil
1 ½ tabs cornflour
1/3 cup grated parmesan cheese

Heat a quarter of the oil, add onion, bacon and cook until soft. Combine onion mixture with mince, paste, crumbs and eggs in large bowl. Roll tablespoons of the mixture into balls. Cook meatballs in the remaining oil. Combine cream, ¾ stock and basil, bring to boil with remaining stock and stir in cheese. Serve when hot.