In a 6-quart pot over medium-high heat, cook bacon until crisp.
Add beef and cook until well browned.
Add 1 cup water, wine, beef bouillon, garlic, onion, salt, thyme leaves, and orange peel. Boil, then reduce heat to low. Simmer 2.5 hours, covered, stirring occasionally. It will be ready when beef is fork-tender.
Meanwhile, boil 2 cm of salted water. Add onions. Cook 10 minutes. Add mushrooms and cooks 5 more minutes. Drain the water.
Blend the cornstarch in 3 tablespoons of water. Add to stew. Cook over medium heat until thickened.
Add onions, mushrooms, peas and olives. Cook until peas are fork-tender, about 10 minutes. Serve.