Warm the olive oil in a large saucepan over a medium heat. Add the onion, carrot, capsicum and bacon. Cook and stir for 5 to 8 minutes until the onion softens. Sprinkle in the flour then cook and stir for a few minutes until golden then add the milk and stir until lump free.
Add the green beans and pour one kettle full of hot water into the pan and bring to the boil. Add the tomato juice, salt, sugar and paprika then reduce heat, cover and simmer for 20 minutes or until vegetables are tender.
Serve the soup in warm bowls with a dollop of soured cream and a sprinkle of fresh parsley to taste.