In a 6 or 7-quart soup pot or dutch oven, add beef, water, carrots, large onion, celery, bay leaf, 3 crushed garlic cloves, 1 teaspoon oregano, 1 teaspoon cumin, salt, and peppercorns. Bring to a boil and reduce heat to simmer. Loosely cover and simmer 1 1/2 to 3 hours, until beef is tender (easy to shred). Remove pot from heat and cool meat in liquid 30 minutes. Transfer meat to a container and cover. Strain braising liquid into a bowl using a colander. Press on the solids to press out liquid. Discard solids. Return braising liquid to the pot and boil until reduced to 3 cups, about 30 minutes. Cool braising liquid completely, cover, and refrigerate it and the beef separately overnight.

Pull meat into shreds using two forks. Set aside.

In the soup pot, cook green bell pepper and sliced onion in 2 tablespoons olive oil over medium heat until softened, stirring occasionally.

To the pepper/onion mixture add shredded meat, 2 cups braising liquid, tomatoes with juice, tomato paste, 3 cloves minced garlic, 1 teaspoon cumin, 1/2 teaspoon oregano. Bring to a boil then reduce heat to simmer. Loosely cover and simmer for 20 minutes.

In a large skillet cook red and yellow bell peppers in remaining 2 tablespoons olive oil over medium heat until softened, stirring occasionally. Add softened peppers to the pot with additional braising liquid if needed to thin or to desired consistency. Stir to combine and simmer, uncovered, 15 minutes. Stir in peas and olives. Simmer, uncovered, 5 minutes. Adjust seasoning with salt and pepper to taste. Serve warm over white or yellow rice.