Cut the squid into 5 mm (¼ inch) thick rings. Pat dry between several layers of kitchen paper. Heat the oil in a large saucepan and gently fry the squid rings, half at a time, until they have turned opaque. Lift out on to a plate. Add the onion to the pan and fry for 5 minutes until softened, adding the garlic for the last couple of minutes. Stir in the rice and cook for 2 minutes until coated in the oil and juices. Blend the squid ink with 2 tablespoons of the stock and set aside.
Stir the thyme and wine into the pan and cook quickly, stirring, until the wine has been absorbed. Pour in the remaining stock and bring to the boil. Reduce the heat to its lowest setting and cook, uncovered and stirring frequently, for about 20 minutes until the rice is tender and the stock absorbed. Add more stock if too dry.
Return the squid to the pan and add the squid ink mixture and half the parsley. Stir well and season to taste with salt and pepper. Ladle into bowls and sprinkle with remaining parsley. Serve with lime wedges.