Heat the 8 tablespoons olive oil in a small saucepan over medium heat. Add the flour and cook for 3 minutes, stirring constantly. Gradually add the milk and the chicken broth, stirring without stopping. This can take up to 30 minutes.

Next, add the nutmeg, salt, and pepper to taste. Cook over medium heat, stirring constantly until the sauce is thickened and smooth.

Add the minced ham and continue to cook for about 2 to 3 minutes on low heat, continuing to stir. Remove from heat. Taste and adjust seasoning if necessary.

Allow to cool for 5 to 10 minutes and refrigerate at least 3 hours until mixture is cold. If you are preparing a day or so ahead, you can cover the mixture tightly and keep refrigerated until you are ready to fry the croquettes.

Pour the breadcrumbs into a small, wide bowl.

Beat the eggs with water in a small, wide bowl.

Cover your hands in flour, then divide the mixture into 1-inch balls and set on a plate, so that they are not touching.

Pour enough olive oil in a medium-to-large frying pan to cover 1/2-inch deep. Heat the olive oil for frying to about 355 F.

Dip the croquettes in the beaten egg and coat with crumbs by rolling in the bowl.

Place the croquettes in the hot oil and fry quickly, turning several times, until golden.

Remove the croquettes with a slotted spoon and set on a paper towel to absorb the excess oil.

Serve immediately. If croquettes will not be served immediately, place in a warm oven (200 F) for up to 30 minutes