> per-minute rate down to like $0.05 USD per minute or less
You'll find it practically impossible unless you use grey routes which probably go out of then back into the country.
Most of Europe's mobile "market model" for want of a better phrase is based on higher charges to call mobiles (from which the mobile networks receive significant termination payments). On the other hand, one would not expect the mobile owner to pay for calls to their mobile (unlike some networks in the US), and buying mobiles in Europe are heavily subsidised by the mobile networks.
Here in the UK, for example, you'll struggle to get wholesale rates in the sub-6p/minute area (approx. 9c/min depending on exchange rate), even from the major carriers (and shifting many thousands of minutes per month).
If your project is for a specific client rather than general usage, might be worth investing in a GSM Gateway. Most corporate mobile contracts in Europe include calls between the mobiles in the "group" free of charge.
Regards,
Chris
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