Cook the bacon in a large Dutch oven over medium heat until crisp. Remove the bacon with a slotted spoon and set it aside, leaving the drippings in the pot.

Add the beef cubes in batches and brown on all sides in the bacon drippings. Remove the beef and set it aside with the bacon.

Add the olive oil if the pot looks dry, then stir in the onion, carrots, and parsnips. Cook for 5 minutes until the vegetables begin to soften.

Add the potatoes and garlic and cook for 2 more minutes. Stir in the tomato paste until it coats the vegetables.

Pour in the red wine and scrape the bottom of the pot to release any browned bits. Bring the wine to a simmer and cook for 3 minutes.

Return the beef and bacon to the pot. Add the beef broth, thyme, bay leaves, salt, and pepper. Stir to combine.

Cover the pot and simmer on low heat for 2 hours, stirring occasionally, until the beef is very tender and the sauce has thickened.

Remove the bay leaves, taste and adjust seasoning if needed, then sprinkle with chopped parsley before serving.