In a large pot, cook the bacon until crisp and the fat is rendered, 5 to 6 minutes. Drain on paper towels and set aside. Discard all but 1 tablespoon of fat from the pan.

To the fat remaining in the pan, add the butter and melt over medium heat. Add the onions and celery and cook gently, stirring, until soft, about 5 minutes. Add the green onions, garlic, salt, white pepper, cayenne, and thyme and cook, stirring, for 1 minute. Add the flour and cook, stirring, to make a light roux, about 3 minutes.

Add the wine and cook for 1 minute. Add the reserved oyster liquor and milk and bring to a boil. Reduce the heat and simmer until the liquid thickens, about 4 minutes. Add the oysters and parsley and simmer until the oysters start to curl, about 3 minutes.

Stir in the cream and reserved bacon and cook for 1 minute. Remove from the heat and adjust the seasoning, to taste. Serve hot with French bread.