Heat 2 tablespoons of the oil in a large heavy pot over medium heat and sauté the onions and garlic until soft, about 10 minutes. Transfer to a bowl.

Heat 2 tablespoons of the remaining oil in the same pot over high heat and brown the meat. Add the onions to the browned meat and stir well with a wooden spoon. Add the tomato paste and mix well. Blend in the flour and cook, mixing constantly, until the flour browns a little, about 3 minutes.

Gradually add 4 cups of the stock, bay leaves, paprika, Tabasco, salt, and pepper and mix well. Bring to a boil, reduce heat, and simmer, uncovered, for 30 minutes, stirring occasionally. Cover and continue to simmer for 30 minutes more.

Heat the remaining oil in a skillet over medium heat and sauté the red peppers. Add them to the beef mixture. If you like the peppers crisp, add them later, about 10 minutes before serving.

Continue to cook, stirring often and adding additional stock as needed, for 1 hour, or until the meat is tender. Remove and discard the bay leaves.

To serve, ladle into heated plates or shallow soup bowls.