Cook the bacon in a heavy large pot over medium heat until brown and crisp, stirring occasionally, about 5 minutes. Using a slotted spoon, transfer the bacon to a paper towel and drain. Add the onion, bay leaves and thyme to the pot. Sauté until the onion is tender, about 5 minutes. Stir in the paprika. Add the clam juice, ½ cup water, and then the potatoes. Bring the mixture to a boil. Reduce the heat to medium, cover and simmer until the potatoes are just tender about 8 minutes.