In a heavy, deep casserole, heat the olive oil. Pat the shanks dry with paper towels, season with salt and pepper, then place in hot oil and brown on all sides.
Remove the shanks to a plate and set aside. Add the chopped vegetables, bay leaf and thyme and cook until softened, about 7 minutes. Add the lamb and its juices, then pour in the wine, scraping the bottom with a spatula to release any bits stuck to the bottom. Add the tomatoes and olives and a little more salt and pepper.
The liquid should come up just over halfway. If not, add some water. Bring to a gentle boil, then lower flame to a simmer, cover, and cook over gentle heat about an 1 hour. You can also place the covered casserole in a 370 degree oven for an hour.
Let rest 15 minutes, covered. Remove the lid. Taste with a fork. The meat should fall off the bone. Adjust seasoning.
Drizzle with freshly squeezed lemon juice, sprinkle with parsley. Serve with my crispy Lemony Greek potatoes.
Notes
Tips and notes: Search out a good Greek wine to use in this dish and to drink along with it. I used an Assyrtiko from Santorini.