In a large bowl, combine the minced beef, onion, green pepper, breadcrumbs, egg and Tabasco sauce until thoroughly mixed together.
Form the mixture into bite-sized meatballs each about 3cm (1/4 in) in diameter. Arrange the meatballs on a grill tray and place under the hot grill for 10-12 minutes, turn from time to time, until browned all over.
To make the sauce, melt the butter in a saucepan over a medium-high heat, add the onion and pepper and sauté until soft. Add the remaining ingredients and bring to the boil, then reduce the heat and simmer gently for 5 minutes.
Arrange the meatballs on a serving platter and cover with the sauce, then pass around and enjoy.