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1. In a deep flameproof 5-quart casserole, heat the olive oil over high heat. Add the ham and brown it on all sides, regulating the heat so that the meat browns quickly without burning.
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2. Transfer the ham to a plate, and add the onions and ½ teaspoon of chopped garlic to the fat remaining in the casserole. Cook over moderate heat, stirring for 5 minutes, or until the onions are soft and transparent but not brown.
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3. Return the ham to the casserole, add the stock, water, ¼ cup vinegar, carrots, bay leaf, 1 teaspoon of chili, oregano and 1 teaspoon salt. Bring to a boil over high heat, reduce the heat to low, and cover the casserole.
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4. Simmer the ham, turning it after 30 minutes or so, for 1½ to 2 hours, or until it shows no resistance when pierced with the tip of a sharp knife. Uncover the ham and let it cool to room temperature in its stock.
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5. Under cold running water, cut the stems off the chilies, cut them in half and brush out the seeds. With a small, sharp knife, cut away any large ribs.
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6. Chop the chilies coarsely and combine them in a small bowl with 2 tablespoons of the vinegar. Let them soak for at least 1 hour. Place the chilies and marinating liquid in the jar of a blender and blend at high speed for about 15 seconds.
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7. Add the vegetable oil, ¼ teaspoon of garlic and 1 teaspoon of salt, and blend for another 10 seconds, or until the mixture is reduced to a smooth, creamy puree.
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8. To make the sauce by hand, puree the chilies with the marinating liquid and the garlic through a food mill set over a bowl. Discard the pulp remaining in the mill. Stir in the oil and salt, and mix until the sauce is smooth.
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9. To serve, carve the ham into thin slices and arrange them attractively on a large heated platter, overlapping the slices slightly. Pass the chili sauce in a separate bowl.
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