In a saucepan, heat 3 tablespoons olive oil over medium heat.
Add the onion and garlic and sauté until the onion is soft.
Turn off the heat, and add the paprika, Tabasco sauce, and thyme, stirring well.
Transfer to a bowl and add the ketchup and mayonnaise.
Season with salt/pepper to taste. Set aside.
Sprinkle potatoes lightly with salt/black pepper.
In a large skillet fry the potatoes in olive oil until cooked through and golden-brown, stirring occasionally. (Caution when adding potatoes because the oil will splatter due to the salt).
Drain the potatoes on paper towels, check the seasoning, add more salt if necessary, and set it aside.
Mix the potatoes with the sauce immediately before serving to ensure that the potatoes retain their crispness.
Garnish with chopped parsley and serve warm.