In a saucepan, heat 2 tablespoons olive oil over medium heat. Add the onion and garlic and sauté until the onion is translucent. Turn off the heat and add paprika, Tabasco sauce and thyme, stirring well. Transfer to a bowl and add ketchup and mayonnaise. Season with salt and pepper to taste. Set aside.
Sprinkle potatoes lightly with salt and pepper.
In a large skillet fry the potatoes in 1 cup olive oil until cooked through and golden-brown, stirring occasionally.
Drain the potatoes and check the seasoning, add more salt if necessary, and set aside.
Mix the potatoes with the sauce inmediately before serving so that the potatoes retain their crispness.
Garnish with parsley. Serve warm.