Place a Dutch oven over medium-high heat. Add the olive oil and heat until just fragrant. Place 8 quarters of the bread into the hot oil and fry until golden brown, about 30 seconds on each side. Remove the bread and set aside for serving.
Add the garlic, onions and 1/2 teaspoon salt to the oil. Cook, stirring frequently, until the onions start to lose their color and soften, about 8 minutes. Add the tomato paste and cook until caramelized, about 1 minute more. Pour in the vegetable stock, canned tomatoes and basil and stir to combine. Swirl 1/2 cup water in each can of tomatoes and pour into the soup. Bring to a simmer, reduce the heat to low and simmer until the onions are soft, about 30 minutes.
Meanwhile, rip the remaining bread into bite-size pieces and submerge them in the cream in a medium bowl.
Puree the soup until smooth using an immersion blender. Add the cream and bread. Puree again until free of any lumps. Stir in the honey and taste for seasoning. Serve warm, each bowl topped with an olive oil crouton.