Step 1In a large, heavy skillet, heat the olive oil over medium-high heat. Add the diced bacon and saute until crispy, 7 to 8 minutes. Remove the bacon with a slotted spoon and drain on paper towels.
Step 2Add the onion to the pan and saute until the edges begin to brown, about 3 to 4 minutes. Remove from the heat and stir in the paprika and salt.
Step 3Add the tomatoes and pepper strips to the pan. Return to the stove top and cook over low heat until the tomatoes break down and the peppers are tender, stirring occasionally, 25 to 30 minutes. Add a little water if necessary to maintain a stew-like consistency.
Step 4Stir the bacon into the stew. Season to taste and serve, sprinkling the parsley over each serving.