Place a medium Dutch oven over medium-high heat. Add the oil and heat another 30 seconds. Dry the lamb meat well and sprinkle with 1 1/2 teaspoons salt. Place the meat in the pot and leave undisturbed for about 4 minutes. When the first side is deeply browned, use tongs to flip the meat. Continue to brown the meat for about 4 minutes on each side until the pieces are evenly browned on all sides, about 20 minutes total. Use a slotted spoon to remove the meat to a plate. Add the carrots, celery, garlic and onions. Season with 1/2 teaspoon salt and cook, stirring often, until fragrant and beginning to soften, about 5 minutes. Stir in the flour and tomato paste and cook for 1 minute more. Deglaze with the red wine. Bring to a simmer and cook, stirring often to reduce slightly, about 5 minutes. Stir in the broth, thyme, bay leaf and reserved meat. Reduce the heat to medium-low to maintain a gentle simmer. Cover and simmer for 1 hour.
Stir in the olives. Partially cover the pot, leaving a small opening, and simmer until the meat is completely tender, about 30 minutes more. Stir in the parsley. Serve with mashed potatoes or crusty bread to sop up the juices.