Heat the olive oil in a soup pot over medium heat.

Add the blanched almonds and cook, stirring, until golden, about 3 minutes.

Transfer the almonds with a slotted spoon to a mortar.

Add the bread and garlic to the pot and cook, turning the bread once and stirring the garlic, until golden, 2 to 3 minutes.

Transfer to the mortar and mash all the ingredients together.

Increase the heat to medium-high.

Add the coarsely chopped red and green bell peppers and the onion to the pot and cook, stirring, until tender, about 3 minutes.

Stir in the ground paprika, then transfer the vegetables to the mortar.

Mash until well blended.

Add the mashed mixture from the mortar back to the pot and add enough water to cover the mixture.

Season with more paprika, if necessary, and salt to taste.

Bring to a boil over medium-high heat, then reduce the heat to low and simmer for 35 minutes or until fragrant and well-flavored.

Serve hot.