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Squeeze the soaked bread to remove excess water. Discard any hard parts, and place half the bread in a food processor with the onion, garllic, chili pepper, and half the parsley. Process until everything is reduced to a paste. Add the remaining parsley and bread to the lender along with the egg yolk, half the lemon juice, and half the olive oil. Blend again, slowly adding more olive oil, 1 teaspoon vinegar, and some salt. Taste and adjust the seasoning by adding more salt, pepper, and lemon juice or vinegar. The spread should be very flavorful.

Pour the apread into a bowl and garnish with olives.